Neurocrine to Buy Soleno Therapeutics for $2.9 Billion (2)

Neurocrine Biosciences Inc. agreed to buy Soleno Therapeutics Inc. for $2.9 billion to gain access to a drug for a rare disorder that causes patients to have insatiable appetites.

The biotechnology company will pay $53 per share for Soleno, a 34% premium to its closing share price Thursday, using cash on hand and some pre-payable debt. Both company boards have approved the transaction, which is expected to close within 90 days.

The acquisition will bolster Neurocrine’s portfolio of drugs for endocrinology and rare disease, which include Ingrezza for the involuntary movements caused by tardive dyskinesia and Crenessity to treat congenital ...