Praecis inks sale-lease back deal, raises R&D funds

A recently restructured Praecis Pharmaceuticals has executed a sale-lease back deal on its headquarters building. The biotech company is selling the 180,000-sq.ft. building for $51.3 million and stands to gain about $20 million that it will use for research and development. It will lease 65,000 sq.ft. for its own use. Waltham, MA-based Praecis laid off 60 percent of its workforce in May after pulling a prostate cancer drug from the market and suspending development of an Alzheimer's therapy. Company researchers are developing an oral drug for autoimmune diseases and cancer.

- read this article from the Boston Business Journal for more