Neurocrine Biosciences agreed to acquire Soleno Therapeutics in a $2.9 billion deal, picking up Soleno’s Prader-Willi syndrome therapy Vykat (setmelanotide for hyperphagia). Neurocrine will pay $53 per share, a 34% premium to Soleno’s prior close, according to reporting. Vykat was approved in March 2025 to treat hyperphagia in patients with the rare genetic disorder, where constant hunger drives overeating. Analysts have raised questions about the medicine’s growth trajectory and long-term safety profile. The acquisition extends Neurocrine’s rare-disease footprint as it looks to defend and expand revenues ahead of future category and competitor pressures.