Neurocrine Biosciences Inc is bidding 27.5p a share in cash for Diurnal (LON: DNL) and the recommended offer values the drug developer at £48.3m. The share price rose 133.3% to 26.25p. The April 2021 placing and open offer was at 70p a share. Revenues have been slow to develop for Diurnal’s approved treatments, and cash is running out. Neurocrine can use its stronger balance sheet to build up sales for the Alkindi and Efmody adrenal insufficiency treatments with niche markets, as well as completing further clinical trials.
Renewable energy generator Simec Atlantis Energy Ltd (LON: SAE) has secured grid variations for the 230MW / 460MWh battery energy storage system at the Uskmouth site. The project should be operational by 2024. Simec Atlantis Energy has received a £6m payment from Uskmouth Energy Storage in the form of an interest-free loan. The payment is due on planning permission. A further £4m development premium is payable on financial close. A £2m convertible loan from SIMEC Group has been repaid. The share price jumped 32.3% to 2.05p.
Nanosynth Group (LON: NNN) has signed a joint development agreement with a global wellness company. The development programme for the cosmetics market will last 12 months. The two companies will own their own IP and then enter an exclusive agreement for the supply of nanoparticles. The share price is 12.6% ahead at 0.535p.
Invinity Energy Systems (LON: IES) says contract manufacturer Baojia has shipped 1.1MWh of Invinity batteries from its factory in China for the project with Elemental Energy in Canada. Final assembly and testing will be done by Invinity before delivery. The share price rose 6% to 49.8p.
Oil and gas producer PetroNeft Resources (LON: PTR) has an oil storage and transportation contract with Nord Imperial for production from licence 61 in Tomsk Oblast, Russia at far above standard market rates. PetroNeft has tried to change the contract and started paying reduced amounts, but Nord Imperial has suspended acceptance of oil. PetroNeft is shutting down its wells. Licence 67 is not affected and is producing 270 barrels of oil per day. The shares slumped 16.7% to 0.75p.
Fashion brand Joules (LON: JOUL) says talks with NEXT (LON: NEXT) are continuing. This is despite media reports that NEXT is going off the idea of investing in Joules following recent poor trading. It was suggested that an investment would be made at 33p a share or more, but this is currently a large premium to the market price, which fell a further 7.75% to 23.525p.