Neurocrine Biosciences announced a $2.9 billion acquisition of Soleno Therapeutics, valuing the deal at $53 per share in cash. The purchase adds Soleno’s Vykat XR (diazoxide choline), the only approved treatment for hyperphagia in Prader-Willi syndrome (PWS). The move is set against a competitive backdrop for PWS therapeutics and comes shortly after Vykat’s launch, with the asset generating $190 million in 2025 revenue and $92 million in the fourth quarter alone, according to reporting summarized in the deal coverage. For Neurocrine, the rationale is portfolio expansion with an already commercialized rare-disease product. For Soleno shareholders, it crystallizes a premium offer as the company transitions from independent execution to being absorbed into a larger rare-disease and neuroscience platform. Analysts flagged questions around growth trajectory and safety considerations as part of the takeout debate, but the transaction’s headline value and commercial status are central to the decision calculus.