On April 6, Neurocrine Biosciences, Inc. reported that it was expanding its endocrinology and rare disease portfolio with the purchase of Soleno Therapeutics, Inc. Neurocrine Biosciences will acquire Soleno Therapeutics for $53.00 per share in cash, representing a total transaction equity value of $2.9 billion.
Soleno Therapeutics is focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The company’s first commercial product, VYKAT XR (diazoxide choline) extended-release tablets, formerly known as DCCR, is a once-daily oral treatment for hyperphagia in adults and children aged four years and older with Prader-Willi syndrome. It reported $190.4 million in revenue for 2025.
Neurocrine Biosciences, Inc. is focused on the discovery and development of novel therapeutics to treat diseases and disorders of the central nervous and immune systems. The company has approved therapies for tardive dyskinesia, Parkinson’s disease, endometriosis and uterine fibroids. Neurocrine Biosciences reported annual revenue of $2.83 billion in 2025.
Goldman Sachs & Co. LLC is serving as exclusive financial advisor and Cooley LLP is serving as legal advisor to Neurocrine. Centerview Partners LLC and Guggenheim Securities, LLC are serving as financial advisors and Wilson Sonsini Goodrich & Rosat is serving as legal counsel to Soleno.
According to data in the LevinPro HC database, this deal represents the 37th Biotechnology transaction of the year. There were 136 Biotechnology acquisitions reported in 2025, and 139 in 2024. Additionally, this is the fifth largest, in terms of disclosed purchase price, Biotechnology deal of 2026. Other active Biotechnology buyers for the year include Novartis, Merck, GSK and Eli Lilly.
