6 hours ago - Business

Neurocrine Biosciences to buy Soleno Therapeutics in $2.9B deal

Dan Primack

an illustration of a DNA strand made out of two measuring tapes — Illustration: Tiffany Herring/Axios

Neurocrine Biosciences (Nasdaq: NBIX) has agreed to acquire Redwood City, California-based Soleno Therapeutics (Nasdaq: SLNO) for $2.9 billion in cash.

Why it's the BFD: This would give Neurocrine its first metabolic disease drug — something that's evolved from "nice to have" to "must have" in the GLP-1 era.

Zoom in: Neurocrine will pay $53 per Soleno share, representing a 34% premium over Friday's closing price.

The bottom line: Soleno last year received approval for a drug that treats Prader-Willi syndrome, a rare genetic disease that causes patients to experience extreme and constant hunger. It impacts up to 20,000 people in the U.S., and usually first presents in early childhood.

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Neurocrine Biosciences to buy Soleno Therapeutics in $2.9B deal

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