Neurocrine Biosciences agreed to buy Soleno Therapeutics in a $2.9 billion cash deal, paying $53 per share—a 34% premium to Soleno’s prior close. The acquisition adds Soleno’s Prader-Willi syndrome (PWS) therapy, Vykat (diazoxide choline), to Neurocrine’s pipeline and commercial portfolio. Vykat was cleared by the U.S. FDA in March 2025 and is the only approved treatment for hyperphagia in PWS patients. The reports included in the package point to about $190 million in 2025 sales, with $92 million attributed to Soleno in the fourth quarter. Analysts cited in the coverage flagged questions around Vykat’s longer-term growth trajectory and safety, making the integration and subsequent evidence plan central to the deal’s success. The transaction also underscores how rare-disease franchises with an approved niche can attract large consolidators even as broader small-cap biotech funding remains tight.