Neurocrine Cuts Office Costs

Denise Gellene10/1/09

One-time biotech darling Neurocrine Biosciences (NASDAQ: NBIX) says it is vacating one of two buildings at its headquarters campus to save $27 million a year. The company paid an immediate $4 million release fee to the landlord, and agreed to make certain rent payments and rent differential payments. Neurocrine has been struggling to regain its footing since 2006, when Pfizer pulled out a deal to develop a sleeping pill.

Denise Gellene is a former Los Angeles Times science writer and regular contributor to Xconomy. You can reach her at dgellene@xconomy.com