Diurnal Group is a specialty pharma company developing new formulations of hormone-based products for the treatment of endocrine disorders. Its product Alkindi is marketed for paediatric AI in the US and EU. Efmody is approved for the treatment of CAH in the EU and UK.
Diurnal Group is mainly focused on developing new formulations of hormone-based products for the treatment of endocrine disorders. Diurnal recently announced that it has agreed to an acquisition by Neurocrine Biosciences (US-based biopharmaceutical player) for a cash consideration of £48.3m or 27.5p per share. The proposed acquisition consideration is a c 144% premium to the closing price of 11.25p on 26 August. Although the acquisition is subject to shareholder approval by both companies, the transaction is likely to close by late October or early November.
For the purposes of the Takeover Code, Edison is deemed to be connected with Diurnal Group as a provider of paid-for research. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the offer period ends.