Sales Surge 44% with $4 Billion Acquisition.. U.S. Biotech Expanding Rare Diseases

Neurocrine Biosciences (NASDAQ: NBIX) reported first-quarter results on May 5, with product revenue of $811.0 million—up 44% year-over-year—and total revenue of $814.5 million. Growth was driven by its movement-disorder therapy INGREZZA and congenital adrenal hyperplasia treatment CRENESSITY.

On the same day, the company announced a definitive all-cash agreement to acquire Soleno Therapeutics at $53 per share, representing an equity value of approximately $2.9 billion, and reaffirmed its 2026 INGREZZA sales guidance of $2.7–2.8 billion.

Earlier, on April 5, Neurocrine’s subsidiary Sigma Merger Sub entered into tender-and-support agreements with Soleno’s major shareholders, who agreed to tender their shares and vote in favor of the merger, effectively precluding competing bids.

Neurocrine also presented two-year follow-up data for pediatric CAH patients treated with CRENESSITY at the Pediatric Endocrine Society meeting, showing sustained hormonal control, reduced glucocorticoid use and clinical improvement. In addition, it has initiated Phase 2 trials for its schizophrenia candidate NBI-1117570 and Phase 1 trials for its obesity candidate NBIP-2118.

Headquartered in San Diego, Neurocrine focuses on central nervous system and endocrine disorders, building its pipeline around INGREZZA and CRENESSITY. It plans to discuss the Soleno acquisition and its rare-disease expansion strategy at the 2026 Bank of America Healthcare Conference. Reflecting an industry trend, Neurocrine is using cash from its CNS blockbusters to acquire small biotech firms with rare and genetic-disease therapies, diversifying its portfolio and accelerating revenue growth.