Soleno Therapeutics has had a rough 2026 — down around 14% year to date — but that changed fast on Monday morning.
Soleno Therapeutics, Inc., SLNO
The Financial Times reported that Neurocrine Biosciences is in advanced talks to buy the rare disease biotech in a deal worth more than $2.5 billion. The report sent SLNO surging over 30% in premarket trading.
Neurocrine nears $2.5bn-plus deal for biotech behind obesity disorder treatment https://t.co/t7RIhvgwIb
— Financial Times (@FT) April 6, 2026
The deal would value Soleno in the low-to-mid $50s per share. Discussions are moving quickly, and the FT said a deal could be agreed as soon as Monday.
Soleno’s core asset is Vykat XR, a drug it launched last year to treat hyperphagia — a condition linked to Prader-Willi syndrome. Hyperphagia causes extreme, persistent hunger that can lead to serious complications including stomach rupture, choking, obesity, and cardiovascular disease.
Prader-Willi syndrome is a rare genetic disorder, occurring in roughly one in every 15,000 live births. Vykat XR is the first commercialised drug approved to treat the hunger-related symptoms of the condition.
Analysts have forecast peak annual sales of up to $2.3 billion for Vykat XR — a number that clearly caught Neurocrine’s attention.
Neurocrine currently carries a market cap of around $13.21 billion. Its portfolio includes Ingrezza, which treats involuntary movements tied to Huntington’s disease, along with several other approved drugs and a pipeline of candidates.
Adding Vykat XR would give Neurocrine a foothold in the rare disease and orphan drug space, where pricing power tends to be strong and competition limited.
Neurocrine’s stock dipped 0.4% in premarket trading Monday. That’s a fairly typical reaction when a buyer enters an acquisition — investors price in the premium being paid.
Even with Monday’s spike, SLNO was down around 14% in 2026 heading into this week. The stock had struggled despite analyst optimism around Vykat XR’s commercial potential.
On TipRanks, SLNO holds a Strong Buy consensus from 11 analysts. The average price target sits at $101.09, with the highest at $125.
At the reported deal price of low-to-mid $50s per share, the acquisition would come in well below those analyst targets — though it would represent a substantial premium to where SLNO had been trading recently.
The Financial Times report cited sources familiar with the matter, noting discussions are progressing well and moving rapidly toward a potential agreement.
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