Neurocrine agreed to acquire Soleno Therapeutics for $2.9 billion, expanding its commercial portfolio in endocrinology and rare disease. The deal includes cash consideration of $53.00 per share, representing a 34% premium to Soleno’s April 2 closing price, and is expected to close within 90 days subject to regulatory approvals. Soleno’s key asset is Vykat XR (diazoxide choline), the first and only FDA-approved treatment for hyperphagia in Prader-Willi syndrome (PWS), which generated $190 million in revenue in its first year. Neurocrine said the acquisition is aimed at accelerating growth and diversification across marketed therapies. Strategically, the transaction reinforces the rare-disease pharma model of pairing internal specialty franchises with commercially proven assets that support near-term revenue delivery.