Neurocrine Biosciences agreed to buy Soleno Therapeutics for $2.9 billion to obtain Vykat (diazoxide choline), its approved treatment for hyperphagia in Prader-Willi syndrome. Under the terms reported, Neurocrine will pay $53 per share, representing a 34% premium to Soleno’s prior closing price. Vykat had generated $190 million in 2025 revenue, including $92 million from Soleno in the fourth quarter, according to the coverage. The deal provides Neurocrine with a commercialized rare-disease asset in an area with limited approved options for the hyperphagia driving clinical outcomes. Analysts will likely focus on whether the product’s growth trajectory can be sustained and broadened against future competition. The transaction also signals continued consolidation in profitable niche biopharma, where cash-flow certainty can drive acquisition decisions even as broader public markets remain volatile.