Neurocrine Biosciences’ planned $2.9 billion acquisition of Soleno Therapeutics includes the addition of Vykat XR, the first FDA-approved treatment for hyperphagia in Prader-Willi syndrome.
Neurocrine Biosciences agreed to acquire Soleno Therapeutics for $2.9 billion, including Vykat XR, the first and only FDA-approved treatment for the defining symptom of Prader-Willi syndrome (PWS).
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"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," said Kyle W. Gano, Ph.D., chief executive officer at Neurocrine Biosciences.
Neurocrine will pay $53.00-per-share in cash, representing a 34% premium to Soleno's closing share price on April 2, 2026, and a 51% premium to its 30-day volume-weighted average price.1
The transaction, approved by both boards, is expected to close within 90 days and will be funded with cash on hand supplemented by a modest amount of pre-payable debt.
Vykat XR (diazoxide choline) is the first and only FDA-approved therapy for hyperphagia in patients with PWS, having received
PWS’ defining and most dangerous feature is hyperphagia, a chronic, life-threatening condition marked by an intense, persistent sensation of hunger that drives compulsive food-seeking behavior.
Unlike ordinary hunger, hyperphagia in PWS patients does not resolve with eating and can lead to severe consequences including stomach rupture, choking, accidental death from food-seeking behavior, and longer-term complications such as diabetes, obesity, and cardiovascular disease.3 Patients also commonly experience cognitive impairment and psychiatric and behavioral challenges.
Vykat XR has shown strong early commercial performance since its launch, generating $190 million in revenue in 2025, including $92 million in the fourth quarter alone, demonstrating rapid adoption in a disease that had no approved pharmacological treatment for its core symptom prior to this drug. The product is supported by an intellectual property estate expected to extend into the mid-2040s.
The acquisition gives Neurocrine three marketed first-in-class therapies. The first is Ingrezza, its VMAT2 inhibitor for tardive dyskinesia and Huntington's disease chorea, which generated $2.51 billion in 2025 revenue. Next is Crenessity, approved in December 2024 for classic congenital adrenal hyperplasia, and contributed $301 million. Finally, Vykat XR adds a third revenue stream at an early but fast-growing stage, with patent protection extending well into the next decade.
"Neurocrine is the right strategic partner to expand the reach of Vykat XR in the Prader-Willi syndrome community given their experience in endocrinology and rare disease and their proven ability to execute successful commercial launches. We are excited to accelerate Vykat XR's impact for PWS patients following completion of the transaction by leveraging Neurocrine's strong commercial capabilities," said Anish Bhatnagar, M.D., chairman and chief executive officer of Soleno.
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