Neurocrine leases real estate assets for $61M
San Diego, USA-based Neurocrine Biosciences has closed its sale and lease-back agreement with Veralliance Properties for its real estate assets. Concurrent with closure of the transaction, the firm has leased back its corporate headquarters for a 12-year term.
The agreement also provides Neurocrine, a specialist developer of biopharmaceutical products for neurological and endocrine disorders, with options to repurchase all of the properties covered by the transaction at certain times within its duration. The firm has received a total consideration of $109.0 million, of which it will net $61.0 million, after fees and existing indebtedness.
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