Neurocrine Biosciences has entered into a definitive agreement to acquire Soleno Therapeutics for $53.00 per share in cash, representing a total transaction equity value of $2.9 billion.

The acquisition of Soleno and the addition of VYKAT XR (diazoxide choline), a first-in-class therapy to treat hyperphagia, the defining feature of Prader-Willi syndrome (PWS), will expand Neurocrine’s portfolio of innovative medicines and strengthen its leadership position in endocrinology and rare disease.

“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., CEO, Neurocrine Biosciences.

“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 CEO of Soleno.

The boards of directors of both companies have approved the transaction, which is expected to close within 90 days, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.

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