Neurocrine to Buy Soleno Therapeutics for $2.9 Billion

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.