MergerMay 7, 2026, 04:47 PM
Soleno to be Acquired by Neurocrine for $53.00/Share
AI Summary
Soleno Therapeutics announced an Agreement and Plan of Merger with Neurocrine Biosciences, Inc., under which Neurocrine will acquire all outstanding shares of Soleno common stock for $53.00 per share in cash. The tender offer commenced on April 20, 2026, and is anticipated to close in the second quarter of 2026. Concurrently, Soleno reported strong financial results for the first quarter of 2026, with product revenue of $94.6 million and a net income of $31.4 million, driven by the successful commercialization of VYKAT XR.
Key Highlights
- Neurocrine Biosciences to acquire Soleno Therapeutics for $53.00 per share in cash.
- Tender offer commenced April 20, 2026, expected to close in Q2 2026.
- Product revenue, net, was $94.6 million for Q1 2026, up from $0 in Q1 2025.
- Net income reached $31.4 million in Q1 2026, compared to a net loss of $43.8 million in Q1 2025.
- Basic net income per share was $0.60 for Q1 2026, a significant improvement from $(0.95) in Q1 2025.
- Cash and cash equivalents increased to $133.0 million as of March 31, 2026, from $70.1 million at December 31, 2025.
- Net cash provided by operating activities was $26.0 million in Q1 2026, reversing a $32.8 million use in Q1 2025.
- Achieved second and final commercial milestone of $200 million in cumulative revenue for Essentialis acquisition.