Neurocrine Biosciences Receives Second Milestone Payment of $20 Million Under Abbott Collaboration Agreement

Neurocrine Biosciences, Inc. NBIX today announced that it has achieved its second milestone in its collaboration with Abbott for elagolix and next-generation Gonadotropin Releasing Hormone (GnRH) Receptor Antagonists. The Company and Abbott held a pre- phase III meeting with the FDA, the outcome of which generated a $20 million milestone payment from Abbott to the Company. This milestone event brings the total milestones achieved by the Company in the third quarter of 2011 to $30 million. "This represents another significant step forward for the elagolix program as it readies for pivotal studies and we remain confident that Abbott has the right resources devoted to elagolix to enable it to be both a clinical and commercial success," said Kevin C. Gorman, President and Chief Executive Officer of Neurocrine Biosciences.