Neurocrine to acquire Soleno in $2.9bn transaction

The transaction will expand Neurocrine’s portfolio in endocrinology and rare diseases via the addition of Soleno’s lead product, Vykat XR (diazoxide choline), for Prader-Willi syndrome (PWS).

Vykat XR is a first-in-class therapy approved by the US Food and Drug Administration (FDA) for hyperphagia, the central symptom of the rare genetic disorder PWS.

Following its US launch in the second quarter of 2025, the therapy generated revenues of $190m, with $92m in the fourth quarter alone for Soleno.

Neurocrine’s broader infrastructure is expected to increase Vykat XR’s reach and efficacy.

PWS is marked by behavioural, neurological, and metabolic dysfunctions, particularly hyperphagia.

The acquisition will enable Neurocrine to offer three marketed first-in-class therapies: Ingrezza for tardive dyskinesia and Huntington’s chorea, Crenessity for congenital adrenal hyperplasia, and Vykat XR for PWS. Intellectual property protections for Vykat XR are expected to last into the mid-2040s.

The transaction will be financed through available cash and pre-payable debt. Neurocrine will commence a cash tender offer for all Soleno shares, reflecting a 34% premium over the closing share price.

The agreement is subject to customary conditions and regulatory approvals, with an expected close within 90 days.

Neurocrine Biosciences CEO Kyle Gano said: “This transaction will advance Neurocrine’s mission to deliver life-changing treatments while accelerating our revenue growth and portfolio diversification strategy.

“We share the Soleno team’s deep commitment to the Prader-Willi syndrome community and look forward to leveraging our experience and capabilities to expand Vykat XR’s reach to benefit more patients, while further strengthening Neurocrine’s leadership in delivering transformative medicines”.

In 2024, the FDA approved an alternative formulation for Neurocrine’s Huntington’s disease therapy, Ingrezza.

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