Neurocrine Biosciences Amends Corporate Headquarters Lease
October 1, 03:18 PM
REDUCES LEASING OBLIGATION BY $27 MILLION
SAN DIEGO, Oct. 1 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) announced today that the Company has entered into an amendment to its facility lease agreement. The amendment eliminates approximately 70,000 square feet of leased space.
"We worked with our landlord in a collaborative manner to reduce our leasing obligation and to allow them to directly market the property, while at the same time minimizing the cash flow impact to Neurocrine," said Timothy P. Coughlin , Vice President and Chief Financial Officer of Neurocrine Biosciences. "This is a significant first step in reducing our fixed real estate cost structure, reducing our overall obligation by approximately $27 million."
Under the terms of the lease amendment, Neurocrine will vacate the front building of the two building campus and will make an immediate payment of $4 million to the landlord as an initial release fee. Additionally, the Company has agreed to make certain rent payments and rent differential payments with respect to the released space.
Neurocrine Biosciences, Inc. is a biopharmaceutical company focused on neurological and endocrine diseases and disorders. Our product candidates address some of the largest pharmaceutical markets in the world including endometriosis, anxiety, depression, pain, diabetes, benign prostatic hyperplasia (BPH), irritable bowel syndrome (IBS) and other neurological and endocrine related diseases and disorders. Neurocrine Biosciences, Inc. news releases are available through the Company's website via the internet at http://www.neurocrine.com