No slowing down of Biotech M&A: Soleno to be acquired by Neurocrine
On April 6, Arctic Aurora LifeScience holdings Soleno Therapeutics and Neurocrine Biosciences announced an agreement in which the mid-cap commercial biotech Neurocrine acquires Soleno for USD 2.9 billion or USD 53 per share - a 34% premium over the last closing price.
This transaction reinforces our existing conviction that M&A and commercial biotech companies are important value drivers for the whole industry. Although Soleno is a relatively smaller position, it is another good example, where the investment community gradually loses conviction in a company, creating an ideal situation for a strategic buyer to step in. In these cases, acquirers appreciate the long-term potential of the company, rewarding investors who were resilient enough to hold the position.
Soleno Therapeutics is a commercial rare disease company, currently launching a drug in Prader-Willi Syndrome. This is a neurodevelopmental disorder, characterized by hyperphagia or excessive eating, paired with other behavioral and metabolic symptoms. This condition affects approximately 10 000 patients in the US alone and Soleno’s drug is the first and only medicine to date that is approved for treatment of its hallmark symptom, hyperphagia.
While the drug has a strong clinical profile and sales have been growing, the launch was muddied by research reports from short sellers, highlighting safety concerns, and later some investors got concerned about quarterly commercial dynamics which put pressure on the stock.
At this point, the offer from Neurocrine Biosciences created value for all parties. While it offers a premium to Soleno investors, the product will also benefit from Neurocrine’s experience and commercial infrastructure in rare diseases. The acquisition is also a good strategic fit for Neurocrine, as it expands their presence in rare diseases connected to the hormonal and nervous systems, where they already have two approved medicines.
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