Soleno Therapeutics Acquired by Neurocrine Biosciences, Delisted from NASDAQ
SLNO sits 80% above its 52-week low of $29.43.
Summary
Soleno Therapeutics has been acquired by Neurocrine Biosciences for $53.00 per share, leading to its delisting from NASDAQ and a complete change in corporate control and management.
Key Events · M&A and Partnerships · SLNO
-
Acquisition Completed
Neurocrine Biosciences finalized the acquisition of Soleno Therapeutics for $53.00 per share in cash, with approximately 88.9% of shares tendered.
-
Delisting Initiated
The company has requested NASDAQ to suspend trading and delist its common stock, and intends to terminate SEC registration and reporting obligations.
-
Change in Control
Soleno Therapeutics is now a direct wholly-owned subsidiary of Neurocrine Biosciences, with all outstanding shares converted into the right to receive the $53.00 offer price.
-
Board and Officer Resignations
All prior directors and key executive officers resigned, with new directors and officers appointed by Neurocrine Biosciences.
Analysis · SLNO · Life Sciences
This 8-K formally announces the completion of the acquisition of Soleno Therapeutics by Neurocrine Biosciences for $53.00 per share in cash. As a result, Soleno Therapeutics is now a wholly-owned subsidiary, its shares will be delisted from NASDAQ, and its board and executive management have been replaced. This marks the end of Soleno Therapeutics as an independent publicly traded company.
At the time of this filing, SLNO was trading at $52.98 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $29.43 to $90.32. This filing was assessed with negative market sentiment and an importance score of 10 out of 10.