Neurocrine Biosciences agreed to buy Soleno Therapeutics for $2.9 billion, adding Soleno’s Prader-Willi syndrome medicine Vykat to its portfolio and deepening its focus on rare diseases. The deal values Soleno at $53 per share, a 34% premium to the company’s closing price prior to announcement. Vykat (for hyperphagia in Prader-Willi syndrome) was approved in March 2025 and is the only approved therapy for that specific indication. Neurocrine is positioned to leverage its commercial infrastructure while integrating Soleno’s operational and clinical assets. The transaction also signals ongoing M&A momentum in biotech where post-approval products can accelerate near-term revenue. For investors, the move reframes Neurocrine’s growth plan around an already commercialized therapy rather than additional late-stage catalysts alone. As closing timelines and integration plans become clearer, market participants will be watching how Neurocrine manages diligence-related risks and whether it pursues further development beyond hyperphagia within Prader-Willi syndrome.