Neurocrine completes USD 2.9b acquisition of Soleno for rare disease portfolio expansion

18 May 2026
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Deals
allsci.com
Drug ApprovalAcquisition
Neurocrine Biosciences (Nasdaq: NBIX) has completed its acquisition of Soleno Therapeutics for a total equity value of USD 2.9 billion, adding Vykat XR (diazoxide choline), the only US FDA-approved treatment for hyperphagia in Prader-Willi syndrome, to its commercial rare disease portfolio. The San Diego-based company gains global rights to the asset, which received FDA approval in March 2025 and entered the US market in April 2025. The deal was first announced in April this year. Neurocrine completed the transaction through a cash tender offer at USD 53.00 per share, with approximately 88.9% of Soleno’s outstanding shares tendered prior to the May 15, 2026 expiration. The remaining shares were converted into the same USD 53.00 per share cash consideration upon merger completion on May 18, 2026, with Soleno continuing as a wholly owned subsidiary. Soleno’s common stock was delisted from the Nasdaq Capital Market upon closing. Vykat XR is an extended-release oral formulation of diazoxide choline, a KATP channel agonistKATP channel agonist. By activating ATP-sensitive potassium channels, the compound modulates hypothalamic signaling pathways implicated in the dysregulated hunger drive that defines hyperphagia in Prader-Willi syndrome. The FDA-approved indication covers adults and pediatric patients aged four years and older. The most common adverse reactions reported in clinical studies included hypertrichosis, edema, hyperglycemia, and rash, with hyperglycemia monitoring required during treatment initiation. The asset’s development history spans multiple clinical studies, including NCT03440814 and NCT05701774, which tracked the compound under its earlier designation DCCR before the branded approval. For Neurocrine, the acquisition extends a commercial portfolio that already includes Ingrezza (valbenazine) for tardive dyskinesia and Crenessity (crinecerfont) for classic congenital adrenal hyperplasia. Vykat XR represents the company’s entry into a distinct rare disease segment within endocrinology and adds a recently launched, revenue-generating asset at a stage where commercial trajectory can be assessed rather than projected. A European Marketing Authorization Application had been submitted to the EMA, but was subsequently withdrawn by Soleno. The deal structure parallels several recent rare disease acquisitions in which established biopharma companies have paid substantial premiums to acquire smaller companies anchored by a single approved, first-in-class asset. In December 2025, BioMarin Pharmaceutical announced the acquisition of Amicus Therapeutics for approximately USD 4.8 billion, with the transaction anchored by Galafold (migalastat) and Pombiliti+Opfolda (cipaglucosidase alfa), both approved rare disease therapies. The Neurocrine-Soleno transaction follows the same logic: the acquirer absorbs commercial-stage execution risk in exchange for immediate portfolio contribution and avoided development uncertainty. This article was generated with AI assistance and reviewed and edited by the AllSci editorial team Explore more at AllSci News: https://allsci.com/news/ Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Privacy Terms About Us Copyright © 2026. AllSci Corp. All rights reserved.
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