Neurocrine Bids $2.5 Billion for Soleno Therapeutics, a 30% Premium to Friday's Close
NEW YORK, April 6 —
Neurocrine Biosciences is close to a deal to buy Soleno Therapeutics for more than $2.5bn. The per-share price is expected in the low-to-mid $50s.
- SLNO closed Friday at $39.49. A deal in the low $50s represents a 27-35% premium.
- Soleno posted $190mn in revenue in 2025, the first year of its only commercial product. Net income swung to $21mn from a $176mn loss the year before.
- No official announcement yet. Watch for the confirmed per-share price and expected closing timeline.
What Actually Happened
The Financial Times reported that Neurocrine, a $14bn neuroscience company known for its tardive dyskinesia drug Ingrezza, is in advanced talks to acquire Soleno. The prize is VYKAT XR, the first and only FDA-approved treatment for hyperphagia in Prader-Willi syndrome, a rare genetic disorder affecting roughly 10,000-12,000 patients in the U.S. The drug won approval in March 2025 and recorded $190mn in sales within nine months.
Soleno had 859 active patients on the drug by year end — over 12% of the addressable U.S. market in under a year. That kind of ramp in rare disease is unusual. Neurocrine clearly noticed.
The Catch
The offer price sounds generous until you check the six-month chart. Before a Scorpion Capital short report in August 2025 alleged safety issues — including reports of children hospitalized for potential heart failure — SLNO traded above $63. The stock fell 27% on November 5 after management acknowledged the short report had disrupted the launch, slowing new patient starts and increasing discontinuations.
A securities class action lawsuit followed, with a May 5 deadline for lead plaintiff. Neurocrine is buying a damaged asset at a discount to its pre-crisis price. Current holders who bought near the top will not be made whole by a deal in the low $50s.
For Neurocrine, the bet is that the safety concerns prove manageable and the launch trajectory recovers. That is a clinical question, not a financial one. The acquiring company will own that risk outright.
Bottom Line
The deal has a clear logic for both sides. Soleno shareholders get a clean exit from a stock pinned down by litigation and safety questions. Neurocrine gets a first-in-class rare disease franchise that did $190mn in year one, with 88% of the addressable market still untapped.
The price looks fair, not generous. If you own SLNO below $40, the return is straightforward. If you are thinking about buying the spread, the risk is regulatory or antitrust delay killing the deal. The number to watch: the confirmed per-share price. Every dollar above $50 changes whether this was an opportunistic grab or a full-value offer.
Soleno Therapeutics does not yet have a Basis Report. Generate a full SLNO analysis here to dig into the financials before the deal closes.
Basis Report does not hold positions in securities discussed. This is not investment advice.