Key Highlights

• Shares of Soleno Therapeutics (SLNO) jumped more than 30% during premarket hours Monday following acquisition news
• Neurocrine Biosciences (NBIX) is nearing a deal to purchase Soleno in a transaction valued at $2.5B or higher
• The proposed acquisition could price SLNO shares in the low-to-mid $50 range
• According to the Financial Times, an agreement may be reached as early as Monday, April 6
• Shares of Neurocrine declined 0.4% premarket following the report

Soleno Therapeutics has experienced a challenging start to 2026 — posting losses of approximately 14% year to date — but Monday morning brought a dramatic reversal.

Soleno Therapeutics, Inc., SLNO

According to a Financial Times report, Neurocrine Biosciences has entered late-stage negotiations to acquire the rare disease-focused biotech company in a transaction exceeding $2.5 billion. News of the potential deal propelled SLNO shares more than 30% higher in premarket activity.

The proposed acquisition would place Soleno’s valuation in the low-to-mid $50s per share range. Negotiations are progressing at a rapid pace, with the FT indicating an announcement could come as soon as Monday.

Soleno’s primary commercial product is Vykat XR, which the company brought to market last year for treating hyperphagia — a medical condition associated with Prader-Willi syndrome. This condition triggers relentless, overwhelming hunger that can result in severe health complications such as gastric rupture, aspiration risks, morbid obesity, and heart disease.

Prader-Willi syndrome represents a rare genetic disorder with an incidence rate of approximately one case per 15,000 births. Vykat XR became the first FDA-approved therapeutic specifically targeting the insatiable appetite symptoms characteristic of this syndrome.

Industry analysts have projected Vykat XR could achieve peak yearly revenues reaching $2.3 billion — a commercial opportunity that has evidently attracted Neurocrine’s strategic interest.

Neurocrine’s Strategic Expansion Into Rare Diseases

Neurocrine currently maintains a market capitalization of approximately $13.21 billion. The company’s existing product lineup features Ingrezza, which addresses tardive dyskinesia and chorea associated with Huntington’s disease, alongside additional commercialized therapies and developmental pipeline assets.

Acquiring Vykat XR would establish Neurocrine’s presence in the rare disease and orphan drug sector, where companies typically benefit from premium pricing dynamics and reduced competitive pressure.

Neurocrine’s shares fell 0.4% in premarket activity Monday. Such modest declines are common when acquisition news breaks, as investors account for the premium the acquiring company must pay.

Understanding SLNO’s Recent Performance

Despite Monday’s dramatic surge, SLNO had posted year-to-date losses of roughly 14% in 2026 prior to this week’s news. The stock had underperformed despite analyst enthusiasm regarding Vykat XR’s revenue potential.

According to TipRanks, SLNO carries a Strong Buy rating based on assessments from 11 analysts. The consensus price target stands at $101.09, with the most bullish forecast reaching $125.

At the reported acquisition price in the low-to-mid $50s per share, the deal would fall considerably short of analyst price targets — although it would still represent a significant premium compared to SLNO’s recent trading levels.

The Financial Times report referenced individuals with knowledge of the negotiations, emphasizing that discussions are advancing smoothly and accelerating toward a potential finalization.