Neurocrine completes $2.9B acquisition of Soleno Therapeutics, adds VYKAT XR for Prader-Willi

NEUROCRINE BIOSCIENCES INC

Tender offer accepted 46.4M shares (88.9% of Soleno) at $53/sh cash; total equity value ~$2.9B.
Merger completed May 18, 2026; Soleno becomes wholly owned subsidiary; shares to be delisted from Nasdaq.
VYKAT XR (diazoxide choline) is first approved therapy for hyperphagia in Prader-Willi syndrome (ages 4+).
Entered $1.0B senior secured revolving credit facility (5-yr); initial $600M drawn; SOFR + 1.125%-1.75% margin.

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