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Buyer of NeuroSearch A/S Land and Building Withdraws from Conditional Purchase Agreement; Company Confirms FY 2013 Operating Loss Guidance


Friday, 1 Mar 2013 09:48am EST 

NeuroSearch A/S announced that it signed on February 4, 2013 a conditional agreement regarding the sale of the Company's land and building at a cash price of DKK 112.5 million. The agreement was conditional upon legal and technical due diligence as well as final approval by buyer's Board of Directors and documentation for financing. The buyer has completed legal and technical due diligence with satisfactory result but notified NeuroSearch on March 1, 2013 that buyer wishes to withdraw from the agreement on the grounds that final approval by buyer's Board of Directors cannot be obtained despite earlier preliminary approval in connection with signing of purchase agreement. NeuroSearch will continue the efforts to sell land and building. The book value of land and building was DKK 111 million by the end of December 2012, whereas total debt related to building and land was DKK 102 million by the end of December 2012. For the fiscal year 2013, NeuroSearch still expects an operating loss of approximately DKK 15 million on the assumption of release of the escrow amount of DKK 28.7 million by Teva upon satisfactory transfer of the Huntexil project and an unchanged size of the organization throughout 2013. The expectations do not take into account any loss or profit arising out of a potential sale of the remaining NeuroSearch assets. 

Company Quote

3.03
-0.02 -0.66%
18 Sep 2014