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news.Neurogen, a drug development company focused on improved drugs for psychiatric and neurological disorders, has entered into agreements to monetize some of its non-core assets including certain research facilities and its chemical library.
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As part of its effort to restructure and consolidate operations, Neurogen has entered into a purchase and sale agreement to sell four of its five buildings for a purchase price of $6 million.
Closing of the sale is subject to conditions customary for commercial real estate transactions, including a 45 day diligence period, and is expected to occur in the first quarter of 2009. The facilities being sold are subject to a mortgage loan facility the balance of which was approximately $4.7 million at September 30, 2008.
Neurogen has also entered into a definitive agreement with a pharmaceutical company to sell its chemical library for $3 million. Payment of the proceeds from this sale is subject to customary conditions relating to delivery of the library and related information. Neurogen expects to receive the proceeds of this sale in the fourth quarter of 2008.