Shares of Soleno Therapeutics SLNO have surged 56.4% over the past week, driven primarily by the announcement that Neurocrine Biosciences NBIX has entered into a definitive agreement with Soleno to acquire the company. Per the agreement, NBIX will purchase Soleno for $53.00 per share in cash, valuing the transaction at approximately $2.9 billion. The transaction is expected to be closed in about 90 days, subject to customary conditions and regulatory approvals.
Per the agreement, NBIX will initiate a cash tender offer through a subsidiary to acquire all outstanding shares of Soleno Therapeutics. The offer price represents a premium of approximately 34% to Soleno’s closing price on April 2, 2026, and about 51% to its 30-day volume-weighted average price, highlighting the attractive valuation offered to shareholders. The premium boosted investors’ sentiment.
Year to date, shares of SLNO have risen 13.1% compared with the industry’s 0.2% growth.
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NBIX Boosts Rare Disease Portfolio With SLNO’s Vykat XR
The acquisition is expected to further strengthen Neurocrine Biosciences’ leadership in endocrinology and rare diseases while advancing a more diversified portfolio of first-in-class therapies. Under the agreement, NBIX will add Soleno’s Vykat XR (diazoxide choline),a first-in-class treatment for hyperphagia associated with Prader-Willi syndrome (PWS), to its commercial portfolio. It is the first and only FDA-approved therapy for hyperphagia in patients with PWS in the United States.
Following the FDA approval and successful U.S. launch in the second quarter of 2025, Vykat XR has shown strong early adoption, generating $190 million in revenues in 2025.
Per Soleno management, Neurocrine Biosciences is well-positioned to expand the reach of Vykat XR in the PWS community, given its strong expertise in endocrinology and rare diseases and proven commercial execution. Leveraging Neurocrine’s established medical and commercial infrastructure, the therapy is expected to further improve outcomes for patients with PWS while delivering sustained long-term value to shareholders after the transaction closes.
Backed by a robust intellectual property portfolio extending into the mid-2040s, it offers a sustainable platform for long-term value creation.
PWS is a rare genetic neurodevelopmental disorder marked by uncontrollable hunger (hyperphagia), along with cognitive, behavioral and metabolic impairments.
Neurocrine is expected to build a strong commercial portfolio anchored by three key marketed products—Ingrezza, Crenessity and Vykat XR.
NBIX’s Ingrezza is a leading VMAT2 inhibitor for tardive dyskinesia and chorea associated with Huntington’s disease, while Crenessity is approved for congenital adrenal hyperplasia, with both therapies contributing significantly to 2025 revenues.
The addition of Vykat XR further aligns with Neurocrine’s expertise at the intersection of neuroscience and endocrinology. Along with Crenessity and its expanding endocrinology pipeline, Vykat XR is expected to serve as a strong foundation for further strengthening the company’s leadership over time.
Soleno Therapeutics, Inc. Price and Consensus
SLNO’s Zacks Rank & Stocks to Consider
Soleno Therapeutics currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Catalyst Pharmaceuticals CPRX and Indivior Pharmaceuticals INDV, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have risen from $2.55 to $2.87. CPRX shares have gained 7% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have risen from $2.89 to $3.08. INDV shares have lost 15.1% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 74.53%.
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