On Monday, Soleno Therapeutics (SLNO) saw its stock price surge significantly after announcing an agreement to be acquired. The news drove the stock of this commercial-stage biotech company up 32% on the day.
That morning, Soleno and fellow biotech company Neurocrine Biosciences (NBIX) jointly announced that they had signed a definitive agreement under which Neurocrine will acquire Soleno. The transaction is valued at $2.9 billion, with Neurocrine acquiring Soleno in an all-cash deal at $53 per share.
Soleno is a specialty company focused on rare diseases. It received its first approval from the U.S. Food and Drug Administration (FDA) in March 2025. The approval was for Vykat XR, a medication for treating hyperphagia (excessive hunger) caused by the genetic disorder Prader-Willi syndrome.
In the joint press release regarding the acquisition, the two companies quoted Neurocrine CEO Kyle Gano as saying that the acquisition “advances Neurocrine’s mission to deliver life-changing treatment options while accelerating our revenue growth and portfolio diversification strategy.”
The transaction requires acceptance of the tender offer by at least a majority of Soleno’s outstanding shares—which should not be a problem given that the offer price represents a 34% premium over the stock’s closing price last Thursday. The deal has been approved by the boards of directors of both companies. The parties expect the acquisition to be completed within 90 days.
The substantial double-digit premium reflects Neurocrine’s strong desire to acquire Soleno, especially following the FDA approval of Vykat XR last year—the only approved medication in the U.S. for treating hyperphagia associated with Prader-Willi syndrome.
As is typical in such situations, Soleno’s stock price has surged to near the acquisition price (currently trading at $52.25). Thus, there is some arbitrage opportunity, but overall, Soleno’s days as an independent stock are rapidly diminishing.
