Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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(h) of the Investment Company Act of 1940

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Romeo and Dye's
Section 16 Filer
www.section16.net

1. Name and Address of Reporting Person*

Flanders LLoyd E.

2. Date of Event
Requiring Statement
Month/Day/Year
04/01/03

4. Issuer Name and Ticker or Trading Symbol
Neurocrine Biosciences, Inc./NBIX

(Last)      (First)     (Middle)

10555 Science Center Drive
 

3. I.R.S. Identification
Number of Reporting
Person, if an entity
(voluntary)

 

5. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
    Director                          10% Owner
X Officer                            Other
(give title below)              (specify below)

Senior Vice President Development                 

6. If Amendment,
Date of Original
(Month/Day/Year)
 

(Street)

San Diego, CA 92121

7. Individual or Joint/Group Filing
(Check Applicable Line)
X Form filed by One Reporting Person
    Form filed by More than One Reporting Person

(City)     (State)     (Zip)

Table I — Non-Derivative Securities Beneficially Owned

1. Title of Security
(Instr. 4)

2. Amount of
Securities
Beneficially
Owned
(Instr. 4)

3. Ownership Form:
Direct (D)
or Indirect (I)
(Instr. 5)

4. Nature of Indirect
Beneficial Ownership
(Instr. 5)
Reminder: Report on a 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 5(b)(v).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number
FORM 3 (continued)

Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 4)

2. Date Exercisable
and Expiration Date
(Month/Day/ Year)

3. Title and Amount of Securities
Underlying Derivative Security
(Instr. 4)

4. Conversion or
Exercise Price of
Derivative Security

5. Ownership Form
of Derivative
Security:
Direct (D)
or Indirect (I)
(Instr. 5)

6. Nature of Indirect Beneficial Ownership
(Instr. 5)

Date
Exercisable

Expiration
Date

Title          

Amount or
Number of
Shares

Non-statutory Stock Option(1)

11/15/02

11/15/12

Common Stock

12,000

40.58

D

-----

Non-statutory Stock Option(2)

04/01/04

04/01/13

Common Stock

75,000

41.66

D

-----

Explanation of Responses:

(1) Represents option of which 1/12th of the shares underlying the option becomes vested and exercisable on November 15, 2002 and an additional 1/12th of the shares underlying the option becomes vested and exercisable each month thereafter.
(2) Represents option of which 25% of the shares underlying the option becomes vested and exercisable on April 1, 2004 and an additional 1/48th of the shares underlying the option becomes vested and exercisable each month thereafter.
  By: /s/ Margaret E. Valeur-Jensen
              
**Signature of Reporting Person		 04/10/03
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.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.