Rare Disease Treatment Developer Acquired by Big Pharma at $53 per Share

Soleno Therapeutics Inc. (SLNO) announced on April 5 in a regulatory filing that it has entered into a tender and support agreement with Neurocrine Biosciences and its subsidiary, as well as certain Soleno shareholders. Under the agreement, those shareholders have agreed to tender all of their Soleno common shares into a cash offer of $53 per share. Except for limited exceptions, they will not dispose of or pledge any remaining shares, will vote in favor of the merger, will oppose any competing or alternative proposals, and will waive their appraisal and related litigation rights—provided the cash consideration per share does not fall below $53 and no other adverse amendments are made to the agreement.

Earlier, the two companies signed a merger agreement for Neurocrine to acquire all outstanding shares of Soleno at $53 per share in cash, valuing Soleno at approximately $2.9 billion (about 3.9 trillion KRW). In March 2025, Soleno launched VYKAT XR, a once-daily, FDA-approved treatment designed to reduce hyperphagia in patients with Prader-Willi syndrome—an asset expected to directly strengthen Neurocrine’s rare disease portfolio.

Soleno is a U.S. biotech firm focused on developing and commercializing oral therapies for rare genetic diseases with limited treatment options, such as Prader-Willi syndrome and glycogen storage diseases. As major pharmaceutical companies like Neurocrine—known for their expertise in neuroendocrine and rare disease treatments—continue acquiring rare-disease biotechs for premium pricing and faster approval pathways, industry observers note that competition to build pipelines through mergers and acquisitions is intensifying.