Key players include Neurocrine Biosciences (Nasdaq: NBIX), led by CEO Kyle W. Gano, PhD, acquiring Soleno Therapeutics (Nasdaq: SLNO), led by Chairman and CEO Anish Bhatnagar, MD, to gain Vykat XR (diazoxide choline), the FDA-approved treatment for hyperphagia—the relentless hunger—in Prader-Willi syndrome (PWS), a rare genetic disorder.[1][2][3][6] Neurocrine, with existing products like Ingrezza ($2.51B 2025 revenue for tardive dyskinesia and Huntington's chorea) and Crenessity ($301M 2025 revenue for congenital adrenal hyperplasia), aims to expand its endocrinology and rare disease portfolio to three first-in-class therapies.[3][6][9] Legal advisor Wilson Sonsini represented Soleno.[4]
Vykat XR was FDA-approved in March 2025 after an unusual development path, launching in Q2 2025 and generating $190M in 2025 revenue ($92M in Q4), with 1,250 patients started and strong early adoption as the only approved hyperphagia therapy for PWS, backed by patents into the 2040s.[1][3][5][7][9] Soleno's stock had surged from under $2 to nearly $90, making it a buyout target amid profitability.[5]
The deal is newsworthy for its $2.9B size—Neurocrine's largest M&A—capitalizing on Vykat's rapid sales growth and lack of competition, while diversifying Neurocrine's revenue and leveraging its commercial infrastructure for expansion; analysts note strategic fit despite some viewing the price as surprising given Vykat's potential (forecasts: $450M in 2026, $2B by mid-2030s).[2][5][7][8][10]