Soleno Therapeutics to be Acquired by Neurocrine Biosciences for $2.9 Billion in All-Cash Tender Offer
SLNO sits 78% above its 52-week low of $29.43 on elevated volume (22× avg).
Summary
Neurocrine Biosciences has initiated a tender offer to acquire Soleno Therapeutics for $53.00 per share in cash, valuing the company at approximately $2.9 billion and representing a significant premium for shareholders.
Key Events · M&A and Partnerships · SLNO
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Acquisition Agreement Announced
Neurocrine Biosciences will acquire Soleno Therapeutics via a tender offer, following a definitive merger agreement dated April 5, 2026.
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All-Cash Offer Price
Soleno shareholders will receive $53.00 per share in cash, representing a 34% premium to the prior closing price.
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Total Transaction Value
The acquisition is valued at approximately $2.9 billion in equity.
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Strategic Rationale
Neurocrine aims to strengthen and diversify its portfolio with Soleno's FDA-approved VYKAT XR, a commercial-stage product for Prader-Willi syndrome that generated $190 million in 2025 sales.
Analysis · SLNO · Life Sciences
This SC TO-C filing formally announces the commencement of the tender offer process for Neurocrine Biosciences' acquisition of Soleno Therapeutics. The all-cash deal at $53.00 per share, a 34% premium to the prior close, provides a clear and immediate return for Soleno shareholders. The acquisition is strategic for Neurocrine, aiming to diversify its portfolio with Soleno's FDA-approved VYKAT XR, a commercial-stage product for Prader-Willi syndrome, which generated $190 million in 2025 sales. This transaction is a definitive, thesis-altering event for Soleno, leading to its integration into Neurocrine Biosciences. Investors should monitor the tender offer process and regulatory approvals, expected to close within 90 days.
At the time of this filing, SLNO was trading at $52.26 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.7B. The 52-week trading range was $29.43 to $90.32. This filing was assessed with positive market sentiment and an importance score of 10 out of 10.