Neurocrine to Buy Soleno Therapeutics for $2.9 Billion

Reuters04-06 19:11

April 6 (Reuters) - Neurocrine Biosciences will acquire rare disease drugmaker Soleno Therapeutics for $2.9 billion in ‌cash, the companies said on Monday, marking the neuroscience-focused drugmaker's expansion into metabolic disorders.

Neurocrine has offered $53 per Soleno share held, which represents ⁠a premium of about 34% to stock's last close.

Soleno shares, which had risen more than 30% in premarket trading after the Financial Times first reported the news, were halted.

The deal gives Neurocrine access to Vykat ‌XR, ⁠the first drug approved in the U.S. to treat hyperphagia associated with Prader-Willi syndrome, a rare genetic disorder.

Hyperphagia, or feelings ⁠of intense and persistent hunger, is the hallmark symptom of Prader-Willi syndrome and ⁠can lead to severe obesity as well as physical, mental and ⁠behavioural problems.

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