Neurocrine Biosciences has initiated a Phase 2 clinical trial of NBI-1117570, a dual muscarinic M1/M4 receptor agonist discovered by Nxera Pharma, for treating schizophrenia. Nxera will receive $22.5 million in milestone payments from Neurocrine as a result of this achievement.

Soleno Therapeutics agreed to be acquired by peer Neurocrine Biosciences for $2.9 billion, or $53 per share in an all-cash deal, representing a 34% premium. The acquisition is driven by Soleno's FDA-approved drug Vykat XR for treating hyperphagia in Prader-Willi Syndrome patients. Soleno's stock surged 32% on the announcement, and the deal is expected to close within 90 days.

Neurocrine Biosciences announced its acquisition of Soleno Therapeutics for $2.9 billion ($53 per share in cash) to expand its rare disease portfolio with Vykat XR, an FDA-approved treatment for hyperphagia in Prader-Willi syndrome. The deal is expected to close within 90 days. Vykat XR generated $190 million in revenue in 2025, demonstrating strong market adoption despite earlier criticism from a short report.

Sarissa Capital Management established a new $5.79 million position in clinical-stage biotech Biohaven, acquiring 513,184 shares during Q4 2025. Despite the stock falling 70% over the past year due to FDA rejection of troriluzole and disappointing trial results, the fund's investment signals potential turnaround prospects. Biohaven has refocused on late-stage programs including a degrader platform and Phase 2 obesity candidate with data expected in H2 2026, while maintaining a strengthened balance sheet with $500.9 million in cash.

Neurocrine Biosciences reported Q4 adjusted EPS of $1.88 (missing consensus of $1.89) and sales of $805.5M (beating consensus). Ingrezza sales grew 9% YoY to $2.51B, while Crenessity reached $301.2M. The company guided 2026 Ingrezza sales to $2.70-2.80B. Shares fell 10.64% as the guidance disappointed, though analysts remain bullish citing long-term pipeline catalysts.

Neurocrine Biosciences announced that its Phase 3 KINECT-DCP study evaluating valbenazine for dyskinetic cerebral palsy failed to meet primary and key secondary endpoints. The drug did not show improvement in chorea as intended. Despite the miss, analysts at William Blair believe the setback has limited impact on the company's valuation and investment thesis, maintaining an Outperform rating and noting the pipeline offers longer-term catalysts. NBIX shares fell 1.55% in premarket trading.

Connecticut-based fund Braidwell established a new $50.8 million stake in Acadia Pharmaceuticals, representing 2.1% of its reportable U.S. equity assets, as the company shows strong quarterly performance and potential for growth in neurological disorder treatments.

Nxera Pharma reported increased revenues from PIVLAZ® and QUVIVIQ® in Japan, progress in partnered programs including Neurocrine's Phase 3 trial, and launched a new proprietary pipeline targeting obesity and weight management.

Neurocrine Biosciences reported strong Q2 2025 financial results, with revenue of $687.5 million, exceeding analyst expectations. The company saw significant growth from INGREZZA and a successful launch of CRENESSITY, while continuing to invest in its drug pipeline and research and development.

Voyager Therapeutics expanded its Alzheimer's disease franchise by introducing a new gene therapy program targeting APOE, complementing existing tau and amyloid assets. The program aims to reduce APOE4 variant expression while delivering the protective APOE2 variant using an innovative IV-delivered TRACER capsid.

Nxera Pharma announced that its partner Neurocrine Biosciences has dosed the first patient in a Phase 3 trial of NBI-1117568 for schizophrenia, triggering a $15 million payment to Nxera.

Nxera Pharma notes that Neurocrine Biosciences presented positive data from a Phase 2 study of NBI-1117568 in adults with schizophrenia.