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news.Neurogen, a drug discovery and development company, has entered into a definitive agreement to sell its C5a patent estate and related assets to a major pharmaceutical company for $2.25 million.
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As part of its effort to restructure and consolidate operations, Neurogen is divesting certain non-core assets. Neurogen’s C5a patent estate and related assets were generated as part of an effort to discover new drugs for the treatment of inflammatory disorders.
Proceeds from the sale are expected to be received in the first quarter of 2009 and are subject to customary delivery conditions.
Neurogen has also received the final payment on the previously announced $3 million sale of its chemical library to a major pharmaceutical company.