RCS - IP Group PLC - Cash acquisition of portfolio company Diurnal

IPAnnouncement

30/08/2022 13:00

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RNS Number : 6187X  IP Group PLC  30 August 2022

 FOR RELEASE ON  30 August 2022

 

IP Group plc - Recommended cash acquisition of portfolio company Diurnal Group
plc by Neurocrine Biosciences, Inc.

 

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which develops
world-changing science and technology businesses across life sciences,
technology and cleantech, notes that portfolio company Diurnal Group plc
("Diurnal" or "the Company") has reached agreement with Neurocrine
Biosciences, Inc. ("Neurocrine") for Diurnal to be acquired by Neurocrine for
27.5 pence in cash per share, valuing Diurnal at approximately £48.3m.

The price represents a premium of approximately 144% to the closing price per
Diurnal Share of 11.25 pence on 26 August 2022 and 151% to the volume weighted
average closing price of 10.93 pence per Diurnal share for the three months
ended on the latest practicable date.

As a result, IP Group, which has a holding of 29.4% in Diurnal, will receive
approximately £14m in cash. The acquisition is conditional on, amongst other
things, the approval of Diurnal shareholders.

For more information, please contact:

 

 IP Group plc                                             www.ipgroupplc.com (http://www.ipgroupplc.com)
 Liz Vaughan-Adams, Communications                        +44 (0) 20 7444 0062/+44 (0) 7967 312125
 Charlotte Street Partners
 David Gaffney                                            +44 (0) 7854 609998
 Andrew Wilson                                            +44 (0) 7810 636995

 

Notes for editors

 

About IP Group

 

IP Group develops world-changing science and technology businesses across
life sciences, technology and cleantech (through Kiko Ventures). The Group has
a strong track record of success, having been the founder investor in a number
of high-profile companies including Oxford Nanopore Technologies plc, and has
one of the most exciting portfolios of high-growth businesses in Europe. The
Group also owns Parkwalk, the UK's largest growth EIS fund manager which backs
world-changing technologies emerging from the UK's leading universities and
research institutions. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.

 

For more information, please visit our website at www.ipgroupplc.com
(http://www.ipgroupplc.com/) .

 

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