Neurocrine Biosciences inks sale and leaseback agreement with Veralliance Properties
Neurocrine Biosciences, Inc. (Nasdaq: NBIX) said this morning that it made a sale and leaseback agreement with Veralliance Properties for its real estate assets for $108 million.
Under the terms of the asset purchase agreement, Neurocrine said it anticipates that it will receive approximately $60 million in cash net of fees, expenses and existing indebtedness. The small cap said it has certain options to repurchase all of the properties included in the transaction during the term of the lease.
Along with the closing of the deal, which is expected to close before year’s-end 2007, Neurocrine said it will lease back its corporate headquarters under a lease with a 10 year term.
Shares of Neurocrine Biosciences (NBIX) gained $0.40, or 4.32%, to $9.65 in pre-market trading. Shares of Neurocrine Biosciences have been trading in the range of $7.51 to $14.88 for the past 52 weeks.
