Neurocrine Biosciences will acquire rare disease drugmaker ⁠Soleno Therapeutics for $2.9 billion in ​cash, the ​companies ​said on Monday, marking the neuroscience-focused drugmaker's expansion into metabolic disorders.

Neurocrine ⁠has ‌offered $53 per Soleno share ⁠held, which represents a premium of about 34% to the stock's last close.

Soleno ‌shares, which had risen more than 30% ​in premarket trading after the Financial Times first reported the news, were halted.

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.

Hyperphagia, ⁠or feelings of ⁠intense and persistent hunger, is the hallmark symptom of Prader-Willi ​syndrome ‌and can lead to severe obesity as well as physical, mental and behavioural problems.