The 27.5 pence-a-share cash deal values Diurnal at around £48.3 million ($57 million), a 144% premium to the biotech’s closing share price on Friday. Shares in the UK firm had leaped 132% to 26.1 pence at the time of writing this morning.
The directors of both companies have recommended the deal to shareholders, and almost half of Diurnal’s investors have already agreed to tender their shares, according to the two companies.
