Neurocrine Biosciences agreed to acquire Soleno Therapeutics for $2.9 billion to expand its marketed endocrinology and rare-disease franchise. The deal would add Vykat XR (diazoxide choline), a therapy for hyperphagia in Prader-Willi syndrome, alongside Soleno’s commercialization base in a niche with limited treatment options. Neurocrine will pay $53 per share in cash, representing a 34% premium to Soleno’s prior close, according to the companies. Soleno reported $190.4 million in net revenue from Vykat XR in 2025, with the company moving into profitability. The acquisition is positioned to complement Neurocrine’s existing marketed rare disease assets, including Crenessity (crinecerfont) for classic congenital adrenal hyperplasia and its broader endocrinology capabilities. Analysts also described the transaction as somewhat unexpected given Vykat XR’s revenue scale, but noted the strategic fit for Neurocrine’s growth plans. The boards’ decision lands amid continued biopharma M&A activity and underscores how profitable, label-based assets can still command major premiums.