Neurocrine Biosciences, Inc. (NasdaqGS:NBIX) agreed to acquire Diurnal Group plc (AIM:DNL) from Diurnal Directors, IP Group Plc (LSE:IPO), Polar Capital Holdings plc (AIM:POLR), Development Bank of Wales Plc, Amati Global Investors Ltd. and other shareholders for £46.8 million on August 30, 2022. Under the terms, Diurnal shareholders shall be entitled to receive 27.5 pence in cash for each Diurnal share. The acquisition will be implemented by way of a Court-sanctioned scheme of arrangement. The cash consideration payable under the acquisition is being financed by cash on the balance sheet of Neurocrine. Neurocrine does not intend to make any material change to the Diurnal Group's employees and management. All the non-executive directors of Diurnal will cease to be directors of Diurnal immediately following the effective date. Diurnal Directors namely Richard Ross, Richard Bungay, John Goddard, Sam Williams and Alan Raymond, IP Group, Polar Capital Holdings plc and Development Bank of Wales have given irrevocably undertaking to vote and Amati Global Investors has given a letter of intent in respect in respect of a total of 93,252,469 Diurnal shares, representing approximately 54.8 %. The transaction has been unanimously recommended by the Diurnal Directors. The transaction is conditional upon court approval and Diurnal shareholders' approval at the General Meeting to be held on October 21, 2022. As of October 21, 2022 court and shareholder of Diurnal approved the deal. The longstop date of the deal is February 28, 2023. The scheme will become effective on November 1, 2022.

John Craven and Toby Rolls of Smith Square Partners LLP acted as financial advisor to Neurocrine and will be paid a fee of £.65 million. Freddy Crossley, Emma Earl, Mark Rogers and Rupert Dearden of Panmure Gordon (UK) Limited provided independent financial advice to the Diurnal Directors. Cooley (UK) LLP acted as legal advisor to Neurocrine Biosciences, Inc. and Eversheds Sutherland (International) LLP acted legal advisor to Diurnal. Link Market Services Limited acted as registrar of Diurnal.

Neurocrine Biosciences, Inc. (NasdaqGS:NBIX) completed the acquisition of Diurnal Group plc (AIM:DNL) from Diurnal Directors, IP Group Plc (LSE:IPO), Polar Capital Holdings plc (AIM:POLR), Development Bank of Wales Plc, Amati Global Investors Ltd. and other shareholders on November 1, 2022.