Release Details

SAN DIEGO, Feb. 19 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) announced today that it was urging its shareholders to reject an unsolicited, below-market offer made by IG Holdings, Inc. for 2% of Neurocrine's outstanding shares. IG Holdings is in no way affiliated with Neurocrine and did not contact Neurocrine prior to commencing its offer.

Neurocrine became aware of the $4.125 per share offer on February 10, 1999 when shareholders and brokers called to inquire about it. The per share offering price made by IG Holdings is at a significant discount compared to the recent trading prices of Neurocrine's common stock which trades on the Nasdaq Stock Market. Neurocrine's closing price on February 18, 1999 was 6.375 or 54% greater than IG Holdings' offering price.

Shareholders who may have already tendered shares in response to the offer by IG Holdings are advised to consult with their broker and/or legal counsel with respect to their rights and obligations. Shareholders who want to sell Neurocrine common stock should compare the sale price on the Nasdaq Stock Market with the tender offer price being offered by IG Holdings.

Neurocrine is aware that IG Holdings has made similar unsolicited below-market tender offers for the securities of a number of other companies. The Wall Street Journal published an article on January 28, 1999 pertaining to IG Holdings and its "minitender offer" practice and noted, "Who tenders shares for less than they could easily get? Elderly or unsophisticated shareholders who are unaware they could get a better price." The article went on to say that IG Holdings has made a business of making unsolicited offers to buy small stakes in publicly traded companies at prices well below what the shares are trading for in the market.

"Neurocrine is committed to creating shareholder value," said Gary A. Lyons, President and CEO of Neurocrine Biosciences. "We strongly encourage Neurocrine shareholders to reject the IG Holdings offer or discuss any interest they may have in the offer with their financial advisor."

Neurocrine has now advanced six programs into development. The Company's CRF receptor antagonist is currently in Phase II clinical development with its partner, Janssen Pharmaceutica, for anxiety/depression. Neurocrine and its partner, Novartis Pharmaceuticals, are conducting their second Phase II clinical trial with Neurocrine's APL compound in patients with multiple sclerosis. Neurocrine is also conducting a Phase I/II trial with NBI-3001 for glioblastoma (malignant brain tumors) and a Phase Ib trial with NBI-34060 for insomnia. Neurocrine's affiliate, Neuroscience Pharma, Inc (NPI), recently announced completion of a Phase III clinical trial with its neurosteroid compound in Alzheimer's disease, results of which are expected to be announced late in the first quarter of 1999. In addition, Neurocrine plans to begin a Phase I trial with a second APL compound (NBI-6024) for diabetes in the first quarter of 1999.

Neurocrine Biosciences is a leading neuroscience company focused on the discovery and development of novel therapeutics for neuropsychiatric, neuroinflammatory and neurodegenerative diseases and disorders. The Company's neuroscience, endocrine and immunology disciplines provide a unique biological understanding of the molecular interaction between central nervous, immune and endocrine systems for the development of therapeutic interventions for anxiety, depression, Alzheimer's disease, Parkinson's disease, stroke, traumatic brain injury, multiple sclerosis, obesity and diabetes.

Neurocrine Biosciences, Inc. news releases are available free of charge though PR Newswire's Company News On-Call fax service. For a menu of Neurocrine's previous releases, or to receive a specific release via fax call: (800) 758-5804, ext. 604138, or use the Internet via http://www.prnewswire.com.

In addition to historical facts, this press release contains forward looking statements that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from those indicated in the forward looking statements are risks and uncertainties associated with Neurocrine's research and development programs and business and finances including, but not limited to, risks and uncertainties associated with, or arising out of, drug discovery, pre-clinical and clinical development of products including risk that research may not generate development candidates, development candidates will not successfully proceed through early clinical trials or that in later stage clinical trials will not show that they are effective in treating humans; determinations by regulatory and governmental authorities; changes in relationships with strategic partners and dependence upon strategic partners for performance of clinical and commercialization activities under collaborative agreements including potential for any collaboration agreement to be terminated without any product success; uncertainties relating to patent protection and intellectual property rights of third parties; impact of competitive products and technological changes; availability of capital and cost of capital; and other material risks. A more complete description of these risks can be found in the Company's Form 10K for the year ended December 31, 1998 and the current form 10Q each of which should be read before making any investment in Neurocrine common stock. Neurocrine undertakes no obligation to update the statements contained in this press release after the date hereof.
SOURCE Neurocrine Biosciences, Inc.
Web site: http: //www.neurocrine.com
Company News On-Call: http: //www.prnewswire.com/comp/604138.html or fax, 800-758-5804, ext. 604138
CONTACT: Elizabeth Foster or Paul Hawran of Neurocrine Biosciences, Inc., 619-658-7600