Neurocrine Biosciences agreed to acquire Soleno Therapeutics for $2.9 billion, adding Vykat XR (diazoxide choline) to bolster its marketed endocrinology and rare disease franchise. The transaction includes a cash price of $53.00 per share and a 34% premium to Soleno’s April 2 closing price, with closing expected within 90 days subject to approvals. Soleno’s Vykat XR received FDA approval for hyperphagia in Prader-Willi syndrome in March 2025 and generated $190 million in revenue in its first year. Neurocrine positioned the acquisition as revenue growth and portfolio diversification, aligning with its existing commercial capabilities in rare disease and endocrinology. The deal also broadens Neurocrine’s marketed footprint alongside Ingrezza (valbenazine) and Crenessity (crinecerfont), while giving Soleno’s leadership a path to scale within a larger commercial organization.