Neurocrine Biosciences Acquires Soleno Therapeutics for $2.9 Billion

Neurocrine Biosciences announced on Monday, April 6, 2026, that it will acquire Soleno Therapeutics for $2.9 billion, paying $53 per share—a 34% premium over Thursday's closing price. The deal gives Neurocrine access to Vykat, which was approved in March 2025 as the only treatment for hyperphagia in patients with Prader-Willi syndrome, a rare genetic disease characterized by relentless hunger that causes patients to overeat. The acquisition represents a strategic move by Neurocrine to expand into rare disease therapeutics with an already revenue-generating approved drug.

Neurocrine's $2.9 Billion Acquisition of Soleno Therapeutics

• ▪The $53 per share acquisition price represents a 34% premium to Soleno Therapeutics' closing price on Thursday
• ▪The Neurocrine Biosciences acquisition of Soleno Therapeutics was announced on April 6, 2026
• ▪Neurocrine Biosciences is paying $53 per share for Soleno Therapeutics
• ▪Neurocrine Biosciences announced on Monday that it would buy Soleno Therapeutics for $2.9 billion

Vykat: Treatment for Prader-Willi Syndrome and Hyperphagia

• ▪Vykat is a drug developed by Soleno Therapeutics
• ▪Vykat was approved in March 2025 to treat hyperphagia in patients with Prader-Willi syndrome
• ▪Prader-Willi syndrome is a rare genetic disease
• ▪Hyperphagia causes relentless hunger and leads patients to overeat
• ▪Hyperphagia is one of the defining features of Prader-Willi syndrome
• ▪Vykat is the only approved treatment for hyperphagia in Prader-Willi syndrome patients

Perspective of Neurocrine Biosciences

• ▪Neurocrine Biosciences gains access to the only approved treatment for hyperphagia in Prader-Willi syndrome through the Soleno Therapeutics acquisition
• ▪The Soleno Therapeutics acquisition provides Neurocrine Biosciences with an immediate revenue-generating rare disease asset

Perspective of Soleno Therapeutics shareholders

• ▪The Soleno Therapeutics acquisition comes approximately one year after Vykat received FDA approval in March 2025
• ▪Soleno Therapeutics shareholders will receive $53 per share, representing a 34% premium over the Thursday closing price

Perspective of Prader-Willi syndrome patients and families

• ▪Neurocrine Biosciences' acquisition of Soleno Therapeutics may provide greater resources for commercializing Vykat to Prader-Willi syndrome patients
• ▪The $2.9 billion valuation reflects the significant unmet medical need for treating hyperphagia in Prader-Willi syndrome