Neurocrine Biosciences agreed to acquire Soleno Therapeutics in a $2.9 billion deal designed to expand its marketed endocrinology and rare disease portfolio. The transaction includes Vykat XR (diazoxide choline), the first and only FDA-approved therapy for hyperphagia in Prader-Willi syndrome (PWS), alongside Soleno’s other marketed assets. The deal is structured at $53.00 per share in cash, representing a 34% premium to Soleno’s April 2 closing price, and is expected to close within 90 days subject to regulatory approvals and customary closing conditions. Neurocrine said it expects the acquisition to accelerate revenue growth and diversify its portfolio, while expanding commercial reach for Vykat XR. Soleno reported $190 million in revenue in Vykat XR’s first year, including $92 million in the fourth quarter of 2025, and achieved profitability with positive net income reported for 2025. Soleno’s leadership framed Neurocrine as a partner with endocrinology and rare disease commercial expertise. For the biotech sector, the transaction is another example of a late-stage pivot toward acquiring revenue-generating rare disease franchises—rather than waiting for pipeline maturation—amid continued pressure on growth visibility.