Neurocrine Biosciences has agreed to buy Soleno Therapeutics for $2.9 billion, positioning the deal to scale Vykat XR (diazoxide choline) in Prader-Willi syndrome. Neurocrine will pay $53.00 per share in cash, a 34% premium to Soleno’s April 2 closing price, with the transaction expected to close within about 90 days subject to regulatory approvals. Soleno’s Vykat XR is the first and only FDA-approved treatment for hyperphagia in PWS. The drug generated about $190 million in revenue in its first year after approval in March 2025, including $92 million in Q4 2025 alone, giving the acquisition an immediate marketed asset rather than a purely pipeline bet. Neurocrine said the move strengthens its endocrinology and rare disease portfolio alongside marketed therapies including Crenessity (crinecerfont) and Ingrezza (valbenazine). Soleno’s leadership said Neurocrine is the right commercial partner to expand Vykat XR’s reach for the PWS community. Analysts cited the price and timing as notable given the expected scale of Vykat XR revenue, while both sides framed the transaction as an opportunity for faster commercialization execution.