Neurocrine Biosciences (NASDAQ:NBIX) announced today a definitive agreement to acquire Soleno for $53 per share in an all-cash transaction valued at approximately $2.9 billion, significantly broadening its commercial portfolio in the rare disease and endocrinology sectors.
The acquisition centers on Soleno’s flagship product, VYKAT XR, which has demonstrated rapid commercial adoption since its launch.
In 2025, VYKAT XR generated $190 million in total revenue, with a notable $92 million occurring in the fourth quarter alone, signaling a steep growth trajectory heading into 2026.
The asset’s intellectual property estate is expected to provide market exclusivity into the mid-2040s, offering Neurocrine a long-term revenue pillar.
Upon completion of the deal, Neurocrine’s marketed portfolio will consist of three high-performing primary assets: its blockbuster tardive dyskinesia treatment INGREZZA, which reported $2.51 billion in 2025 revenue; the recently launched CRENESSITY, which contributed $301 million last year; and the newly acquired VYKAT XR.
Neurocrine plans to fund the $2.9 billion purchase through a combination of cash on hand and a "modest amount" of pre-payable debt.
Management indicated that the company's strong balance sheet allowed for the acquisition without significantly compromising its internal R&D pipeline or future strategic flexibility.
Both boards of directors have approved the transaction, which is expected to close within the next 90 days.