Neurocrine Biosciences agreed to acquire Soleno Therapeutics for $2.9 billion, a transaction aimed at scaling Vykat XR (diazoxide choline) and adding commercial endocrinology and rare-disease assets to Neurocrine’s portfolio. The deal includes $53 per share in cash, reflecting a premium to Soleno’s pre-announcement trading. Soleno’s lead marketed therapy, Vykat XR, is indicated for hyperphagia in patients with Prader-Willi syndrome (PWS), where it has generated roughly $190 million in 2025 net revenue. Neurocrine framed the buyout as a way to accelerate revenue growth and portfolio diversification, particularly leveraging its endocrinology and rare-disease commercialization capability. Analysts characterized the size and timing of the offer as notable versus expectations for Vykat’s growth trajectory. If completed, the acquisition hands Neurocrine additional marketed revenue with an eye toward further investment in the PWS community while it continues to advance its broader rare-disease pipeline.