Neurocrine Biosciences agreed to acquire Soleno Therapeutics for $2.9 billion to bolster its foothold in endocrinology and rare disease. The companies said Neurocrine will pay $53 per share in cash, a 34% premium to Soleno’s prior closing price. The transaction brings Soleno’s commercial therapy Vykat XR (diazoxide choline), a treatment for hyperphagia in patients with Prader-Willi syndrome (PWS). Vykat received FDA approval in March 2025, and Soleno reported $190.4 million in net revenue in 2025, including $91.7 million in the fourth quarter. Analyst commentary in the coverage suggested the deal valuation may be surprising given Vykat’s forward revenue outlook, but Neurocrine framed the move as a way to accelerate Vykat’s reach using its commercial infrastructure.