Four buildings and a chemical library are being divested.

As part of its effort to restructure and consolidate operations, Neurogen will monetize some of its noncore assets including four of its five research facilities and its chemical library for $6 million and $3 million, respectively.

The sale of the buildings 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 at approximately $4.7 million at September 30, 2008.

Payment from the library is subject to customary conditions relating to delivery of the library and related information. Neurogen expects to receive proceeds from the library this year.

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