US biopharmaceutical companies Neurocrine Biosciences Inc (Nasdaq:NBIX) and Soleno Therapeutics Inc (Nasdaq:SLNO) announced on Monday that Neurocrine has entered into a definitive agreement to acquire Soleno for USD53.00 per share in cash, representing a total transaction equity value of USD2.9bn.

The acquisition of Soleno and the addition of VYKAT XR (diazoxide choline), a first-in-class therapy to treat hyperphagia, the defining feature of Prader-Willi syndrome (PWS), will expand Neurocrine's portfolio of innovative medicines and strengthen its position in endocrinology and rare disease.

Since its FDA approval and US launch in the second quarter of 2025, VYKAT XR has generated USD190m in 2025 revenue, including USD92m for Soleno in the fourth quarter alone. Neurocrine says that when supported by its medical and commercial infrastructure, VYKAT XR is expected to continue to improve care for patients with PWS, while delivering long-term value to Neurocrine shareholders following the close of the transaction.

The boards of directors of both companies have approved the transaction and it is expected to close within 90 days, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.