M&A · Healthcare · Pharmaceutical Preparations
Neurocrine Biosciences Inc to acquire Soleno Therapeutics Inc
Announced Apr 6, 2026 · Closed May 18, 2026
Deal value$2.90BEV $2.88B
Premium34.0%To unaffected price
EV / Adj. EBITDA—15.1x EV / Revenue
ConsiderationAll cash$53.00 per share
Transaction
- Acquirer
- Neurocrine Biosciences Inc (NBIX)
- Target
- Soleno Therapeutics Inc (SLNO)
- Buyer type
- Strategic
- Offer price per share
- $53.00
- Enterprise value
- $2.88B
- Status
- Closed May 18, 2026
Deal protections
- Break fee (target pays)
- $95.3M · 3.3%
- Reverse fee (buyer pays)
- $142M · 4.9%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Centerview, Guggenheim
- Centerview fee
- $40.0M
Sector context · Healthcare
- Comparable deals
- 98 in the prior 24 months
- Premium
- 34.0% vs. 52.0% sector median
- EV / Adj. EBITDA
- Sector median 13.4x
- Break fee
- 3.3% vs. 3.3% sector median
Timeline
- AnnouncedApr 6, 2026
- Tender offerApr 20, 2026
- ClosedMay 18, 2026
Valuation · fairness opinions
Trading comparablesCenterview$27.95$43.35
Precedent transactionsCenterview$44.10$63.00
Discounted cash flowCenterview$44.30$49.40
Analyst price targetsCenterview$60.00$145.00
Premiums paidCenterview$51.35$75.05
Discounted cash flowGuggenheim$47.15$50.80
Discounted cash flowGuggenheim$45.85$61.75
Trading comparablesGuggenheim$33.20$43.15
Trading comparablesGuggenheim$30.05$88.49
Offer $53.00
Implied value per Soleno Therapeutics Inc share by analysis, from Centerview and Guggenheim · DCF discount rate 11%–14%.