- Neurocrine Biosciences Inc NBIX has agreed to pay £48.3 million for the U.K. hormone therapy group, Diurnal Group Plc.
- The 27.5p share offered represents a 141% premium to last Friday's closing price.
- "Diurnal and Neurocrine are highly complementary businesses, and we believe that Neurocrine's financial and operational resources will substantially accelerate the development of a leading franchise in diseases of cortisol deficiency, benefiting physicians and patients globally," said Diurnal chairman Anders Härfstrand.
- The acquisition values the entire issued and to be issued ordinary share capital of Diurnal at approximately £48.3 million.
- Neurocrine's portfolio includes FDA-approved treatments for tardive dyskinesia, Parkinson's disease, endometriosis, and uterine fibroids.
- Diurnal is a European specialty pharmaceutical group targeting patient needs in chronic endocrine (hormonal) diseases.
- Diurnal aims to develop and commercialize products for endocrine diseases, primarily those that result from a deficiency of cortisol and testosterone.
- Diurnal's portfolio includes approved treatments for pediatric adrenal insufficiency (AI) and congenital adrenal hyperplasia (CAH).
- Price Action: NBIX shares are down 2.59% at $102.60 on the last check Tuesday.
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