Neurocrine to acquire Prader-Will drug in $2.9B Soleno buyout [Yahoo! Finance]
Neurocrine Biosciences, Inc. (NBIX)
Last neurocrine biosciences, inc. earnings: 2/4 04:05 pm
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Source: Yahoo! Finance
Neurocrine Biosciences is wagering on the financial upside of a first-of-its kind treatment for the rare disease Prader-Willi syndrome, agreeing on Monday to acquire the drug's developer, Soleno Therapeutics, in a deal worth $2.9 billion. Neurocrine is paying $53 per share for Soleno , an offer that represents a roughly 34% premium to the biotech's previous closing price and is about 51% higher than Soleno's average trading price over the last month. The bid has been approved by both companies' boards and is expected to close within 90 days. It'll be financed through cash on hand, though Neurocrine also intends to take on a “modest amount of pre-payable debt” alongside the deal, the company said in a statement. The acquisition centers around a drug known as Vykat XR. Last year, Vykat became the first approved treatment for the insatiable hunger, or “hyperphagia,” associated with Prader-Willi , a rare and tough-to-treat condition that causes a constellation of symptoms. Prader-Wil
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News
- Stock Market Today, April 6: Soleno Therapeutics Climbs After $2.9 Billion All-Cash Buyout Agreement [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Why Soleno Therapeutics Stock Rocketed Higher on Monday [Yahoo! Finance]Yahoo! Finance
- Neurocrine Biosciences (NBIX) had its "buy" rating reaffirmed by Needham & Company LLC. They now have a $185.00 price target on the stock.MarketBeat
- Neurocrine Biosciences Details $2.9B Soleno Buyout, Touts Vykat XR as Potential Blockbuster [Yahoo! Finance]Yahoo! Finance
- Neurocrine Biosciences, Inc. (NBIX) M&A Call Transcript [Seeking Alpha]Seeking Alpha
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