NBIX - Neurocrine to acquire U.K.-based biotech Diurnal

• The shares of U.K.-based biotech Diurnal rose in London in the morning hours Tuesday after the company announced a deal to be acquired by San Diego, California-based Neurocrine Biosciences ( NASDAQ: NBIX ) for nearly $57M in cash.
• Per the terms, neurology-focused NBIX will acquire the entire issued and to be issued ordinary share capital of Diurnal for £48.3M.
• The acquisition price of 27.5 pence per share implies ~144% and 151% premia on Diurnal’s closing price on Friday and the weighted average closing price for the past three months, respectively.
• “We have followed Diurnal for several years and have a high regard for its people. We see a good strategic fit that offers benefits for both companies’ stakeholders and the physician and patient communities we both serve,” Kyle Gano, Neurocrine’s ( NBIX ) chief business development and strategy officer, remarked.

• NBIX, the developer of INGREZZA for movement disorder tardive dyskinesia reported $1.1B in cash and cash equivalents at the end of June.

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