Soleno jumps to over one-year high as Neurocrine strikes $2.9 bln takeover deal

Shares of Soleno Therapeutics SLNO.O rise 32.4% to $52.28 - biggest one-day gain in over a year

Neurocrine Biosciences NBIX.O says it will buy Soleno in a deal worth $2.9 billion

Neurocrine will pay $53 per share in cash for Soleno, a premium of 34.2% to Soleno's last close

The deal is expected to close within 90 days, companies say

Neurocrine shares were down 2.7% at $128 before the bell

The deal gives Neurocrine access to Vykat XR, the first drug approved in the U.S. to treat hyperphagia associated with Prader-Willi syndrome, a rare genetic disorder

Cantor analyst Josh Schimmer expects Vykat XR to surpass $1 billion in annual sales in 2029

Including session's move, SLNO has fallen 14.7% this year