Pharma BD Deal Intelligence

Neurocrine Biosciences Inc. / Soleno Therapeutics, Inc.

2026 · Acquisition/Merger · $2.9B · Complete

Neurocrine acquired Soleno for $53/share (~$2.9B equity) - the largest M&A in Neurocrine's history - to gain commercially approved VYKAT XR, the first treatment for hyperphagia in Prader-Willi syndrome. VYKAT XR generated $190M in 2025 post-launch revenue. The all-cash tender offer expired May 15, 2026 with ~88.9% of shares tendered; Neurocrine completed the acquisition on May 18, 2026 via a DGCL Section 251(h) merger, with Soleno surviving as a wholly owned subsidiary.

Key facts

• Announced Apr 06, 2026
• Closed May 18, 2026
• Deal value $2.9B
• Deal type Acquisition/Merger
• Therapeutic area Hyperphagia in Prader-Willi syndrome (PWS)
• Indications Hyperphagia in Prader-Willi syndrome (PWS)
• Key assets VYKAT XR (diazoxide choline extended-release)
• Mechanism Diazoxide choline extended-release - ATP-sensitive potassium channel activator reducing hyperphagia and related behaviors

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