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news.Neurogen, a drug discovery and development company, has announced that a previously announced agreement to sell certain of its research facilities has been terminated by the purchaser due to the current state of the credit markets.
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Previously, Neurogen entered into an agreement to sell the facilities for $6 million, subject to conditions customary for commercial real estate transactions.
Neurogen continues to pursue the monetization of non-core assets, including the scheduled closing in the fourth quarter of 2008 of a previously announced agreement to sell its chemical library for $3 million to a global pharmaceutical company.