Smith Square Partners advised Neurocrine Biosciences, Inc. in relation to a recommended cash offer for Diurnal Group plc

Smith Square Partners is pleased to announce that it has acted as sole financial adviser to Neurocrine Biosciences in relation to a recommended cash offer for Diurnal Group plc. The offer values Diurnal at approximately £48.3 million. The offer represents a 144% premium to the closing price per Diurnal Share of 11.25 pence on 26 August 2022 and a 151% premium to the volume weighted average closing price of 10.93 pence per Diurnal Share for the three months ended 26 August 2022. The acquisition is to be effected by means of a scheme of arrangement. The Offer remains conditional only on FCA approval, the applications for which will be submitted at the end of October 2022.

About Diurnal
Diurnal is an AIM listed, European specialty pharmaceutical group targeting patient needs in chronic endocrine (hormonal) diseases. Diurnal aims to develop and commercialise products to solve patient needs in endocrine diseases, primarily those that result from a deficiency of cortisol and testosterone, typically where there is either no licensed medicine or where current treatment does not sufficiently address patients’ needs. Diurnal’s portfolio includes approved treatments for paediatric adrenal insufficiency (AI) and congenital adrenal hyperplasia (CAH).

About Neurocrine Biosciences
Neurocrine is a Nasdaq listed, neuroscience-focused, biopharmaceutical company dedicated to discovering and developing life-changing treatments for patients with under-addressed neurological, neuroendocrine and neuropsychiatric disorders. Neurocrine’s portfolio includes FDA-approved treatments for tardive dyskinesia (TD), Parkinson’s disease, endometriosis and uterine fibroids, and a diversified portfolio of investigational therapies with the potential to address unmet clinical needs of patients worldwide living with neurological, endocrine and psychiatric disorders. At 26 August 2022 Neurocrine had a market capitalisation of $10.0 billion (c.£8.4 billion).

Smith Square Partners

Advised in the sale of

Diurnal Group plc


Neurocrine Biosciences Inc.


MidCap Alliance