Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Neurocrine's $2.9 billion acquisition of Soleno gives the large-cap biotech the only approved drug for hyperphagia associated with Prader-Willi syndrome,…
The Neurocrine-Soleno transaction underscores the scarcity premium for orphan drugs with clean regulatory wins and first-to-market franchise status. VYKAT XR's…
Neurocrine's $2.9 billion Soleno purchase layers a second rare-disease franchise atop its existing Ingrezza tardive dyskinesia and Crenessity CAH platforms,…
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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.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Neurocrine Biosciences Inc. / Soleno Therapeutics, Inc. (this deal) | 2026 | $2.9B | — |
| Neurocrine Biosciences Inc. / Voyager Therapeutics Inc. | 2019 | $1.9B | 54 |
| Neurocrine Biosciences Inc. / Takeda Pharmaceutical Company Ltd. | 2025 | — | — |
| Shire plc / Dyax Corp. | 2016 | $5.9B | 89 |
| Horizon Pharma plc / Hyperion Therapeutics, Inc. | 2015 | $1.1B | 79 |
| Shire plc / NPS Pharmaceuticals | 2015 | $5.2B | 78 |
| AstraZeneca PLC / Amolyt Pharma | 2024 | $1.1B | 73 |
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More: 2026 deals · Neurocrine Biosciences Inc. deals · Rare Disease deals