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.

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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.