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            FORM 4

 
o Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations
may continue.
See Instruction 1(b). 		  UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
 
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940		  
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(Print or Type Responses)

                     
1. Name and Address of Reporting Person*
 
 Lyons, Gary A.                       		  2. Issuer Name and Ticker or Trading Symbol
 
Neurocrine Biosciences, Inc. (NBIX) 		  6. Relationship of Reporting Person(s) to issuer (Check all applicable)
x  Director                                o  10% Owner
x  Officer (give title below)           o  Other (specify below)
(Last)             (First)        (Middle)
 
 
                            4542 North Lane
   3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
  		  4. Statement for Month/Year
 
   3/17/03
 President and Chief Executive Officer
(Street)
 
Del Mar, CA 92014 		      5. If Amendment,
Date of Original
(Month/Year)
   7. Individual or Joint/Group Filing
(Check Applicable Line)
 
x Form filed by One Reporting Person
o Form filed by More than One Reporting Person
(City)          (State)          (Zip)                    
 
TABLE I — NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
                                     
1. Title of Security
(Instr. 3) 		  2. Transaction
Date
(Month/ Day/
Year) 		  3.  Transaction Code
(Instr. 8) 		  4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		  5. Amount of
Securities
Beneficially Owned
Following Reported Transactions(s)
(Instr. 3 and 4) 		  6. Ownership
Form:
Direct (D)
or
Indirect  (I)
(Instr.  4) 		  7. Nature
of Indirect
Beneficial
Ownership
(Instr.  4)
        Code   V   Amount   (A) or (D)   Price            
Common Stock (1)   3/17/03   S       25,000   D   $42.045            
Common Stock   3/17/03   M       76,500   A   $2.50   697,013   D/I (2)   (2)
 
                                   
 
                                   
 
                                   
         
Reminder: Report on separate line for each class of securities
beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see instruction
4(b)(v). 		  Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMG control number.   (Over)
SEC 1474 (3-99)

 

         
FORM 4 (continued)   Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)		    
                                                         
 1. Title of Derivative Security

(Instr. 3) 		   2. Conversion
or Exercise
Price of
Derivative
Security 		   3. Transaction Date
 
(Month/Day/Year) 		   4. Transaction Code

(Instr. 8) 		   5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4,
and 5) 		   6. Date
Exercisable
and Expiration
Date
 
(Month/Day/ Year) 		   7. Title and
Amount of
Underlying
Securities

(Instr. 3 and 4) 		   8. Price of
Derivative
Security

(Instr. 5) 		   9. Number of
Derivative
Securities
Beneficially
Owned Following Reported
Transactions(s)

(Instr. 4) 		   10.  Ownership
Form of
Derivative
Security
Direct (D)
or
Indirect (I)

(Instr. 4) 		   11. Nature of
Indirect
Beneficial
Ownership

(Instr. 4)
            Code   V   (A)   (D)   Date
Exercis-
able 		  Expira-
tion
Date 		 
Title 		  Amount or
Number of
Shares 		               
Incentive Stock Option
  		  $2.50   3/17/03   M           76,500           Common Stock   76,500   $2.50   0   D    
 
                                                       
 
                                                       
 
                                                       
  Explanation of Responses: (1) Sale of non-derivative securities held in GEL Limited Liability Company
(2) 254,281 shares are held indirectly in GEL Limited Liability Company
         
 
 
  /s/ Margaret E. Valeur-Jensen
   3/18/03
    Margaret E. Valeur-Jensen   Date
**  Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
        
 
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
        
 
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMG Number.        
 
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