SAN DIEGO, Dec. 6 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. announced today that the Company has closed its sale and leaseback agreement with Veralliance Properties for its real estate assets. Total consideration received by Neurocrine for the properties was $109 million. Concurrently with the closing of the transaction, Neurocrine leased back its corporate headquarters for a 12 year term, with renewal options. Neurocrine also has certain options under the lease to repurchase all of the properties included in the transaction at certain times during lease period. Under the terms of the asset purchase agreement, Neurocrine will receive cash of approximately $61 million net of fees, expenses and existing indebtedness.
Neurocrine Biosciences, Inc. is a product-based biopharmaceutical company focused on neurological and endocrine diseases and disorders. The product candidates address some of the largest pharmaceutical markets in the world including insomnia, anxiety, depression, endometriosis, irritable bowel syndrome, pain, and diabetes. Neurocrine Biosciences, Inc. news releases are available through the Company's website via the Internet at http://www.neurocrine.com/.
In addition to historical facts, this press release may contain forward-looking statements that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with Neurocrine's business and finances in general. Other risks are described in the Company's report on Form 10-K for the year ended December 31, 2006 and Form 10-Q for the quarter ended September 30, 2007. Neurocrine undertakes no obligation to update the statements contained in this press release after the date hereof.
