Neurocrine Biosciences has entered into a deal to purchase California-based Soleno Therapeutics which will gain the company three first-in-class medications to increase its endocrinology and rare disease portfolio.
At $53.00 per share, the deal has a total transaction equity value of $2.9 billion. The main appeal of the purchase is the once-daily oral drug Vykat XR (diazoxide choline), the only FDA-approved treatment for hyperphagia in Prader-Willi Syndrome. The drug hit the U.S. market in Q2 2025, generating $190 million in revenue in 2025.
Neurocrine will also gain two more oral medications: Ingrezza (valbenazine) and Crenessity (crinecerfont). Ingrezza is a vesicular monoamine transmitter 2 (VMAT2) that treats tardive dyskinesia and chorea associated with Huntington’s disease. It had a 2025 revenue of $2.51 billion. Crenessity treats classic congenital adrenal hyperplasia (CAH) caused by 21-hydroxylase deficiency. Its 2025 revenue was $301 million.