California-based neurology specialist Neurocrine Biosciences will acquire Diurnal in a cash deal that values the UK biotech at close to $57 million.
Diurnal, a specialty pharma company focused on chronic endocrine conditions, has its eye on the European market. Diurnal Group chairman Anders Härfstrand says the takeover is compelling for Diurnal's shareholders "given the risks associated with achieving Diurnal's vision of creating a profitable business, in particular the ongoing commercial roll out of Diurnal's products in Europe and the execution of key clinical studies."
Neurocrine's portfolio includes FDA-approved treatments for tardive dyskinesia, Parkinson's disease, endometriosis and uterine fibroids. The company found itself with a little extra spending money following a strong first half of the year performance by Ingrezza, its VMAT2 inhibitor indicated for the treatment of tardive dyskinesia, a side effect of antipsychotic medications.
The acquisition is currently expected to complete during late October or early November of this year.