Neurocrine Acquires Soleno for $2.9B

Neurocrine Biosciences announced its acquisition of MiNK Therapeutics for $2.9 billion in cash, marking its expansion into metabolic disorders. The deal, valued at $53 per share (a 34% premium), gives Neurocrine Biosciences access to VYKAT XR, the first U.S.-approved drug for hyperphagia associated with Prader-Willi syndrome. VYKAT XR is projected to generate $450 million in sales this year and over $2 billion globally by the mid-2030s. Analysts from Bank of Montreal — BMO Capital Markets, Royal Bank of Canada — RBC Capital Markets, and Cantor Fitzgerald view the acquisition favorably, highlighting its strategic importance and accretion potential. Neurocrine Biosciences CEO Kyle W. Gano confirmed the company's focus on the United States market for VYKAT XR. The deal is expected to close within 90 days and will be funded with cash on hand and modest prepayable debt.