IP Group PLC Cash acquisition of portfolio company Diurnal
August 30 2022 - 7:59AM
RNS Non-Regulatory
TIDMIPO
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 GBP48.3m.
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 GBP14m 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
+44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 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 .
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