Neurocrine Biosciences Buys UK-Based Hormone Therapy Player

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.