page 31.......
The Company also assumed Cadus' facility lease in Tarrytown, New York
(approximately 45,569 square feet) as of July 1, 1999 (approximately $898,249 in
rental payments per annum through December 31, 2002) and an equipment lease with
General Electric Capital Corporation (GECC). On August 23, 1999, the Company
elected to payoff the GECC lease in exchange for a payment of $2.8 million and
obtained ownership of the fixed assets covered by the lease agreement. On
September 21, 1999, Cadus reimbursed the Company $308,000 in exchange for those fixed assets that have been retained by Cadus for its own use.
page 44.......
The assets purchased include (a) certain assets associated with certain of
Cadus' research programs (including the G-protein coupled receptor (GPCR)
directed drug discovery program and a collaboration with Solvay), (b) Cadus'
compound library of 150,000 components, (c) the purchase or license of certain
intellectual property rights, and (d) certain furniture, equipment, inventory,
and supplies. Several assets were retained by Cadus, including (a) monies in
escrow in connection with the judgment of SIBIA Neurosciences, Inc. against
Cadus, (b) cash and accounts receivable, (c) Cadus' Living Chip Technology, (d)
Cadus' Functional Genomics Program, and (e) Cadus' Research Collaboration and
License Agreement with SmithKline Beecham Corporation.
and........
In connection with the acquisition, the Company entered into the following
additional agreements with Cadus: (a) a Patent License Agreement, (b) a
Technology License Agreement, and (c) a Software License Agreement, pursuant to
which the Company obtained non-exclusive licenses for the use and practice of
certain of Cadus' patents, Cadus' technology and Cadus' software programs,
respectively. The Company and Cadus also entered into another Patent License
Agreement under which the Company will license back to Cadus on a non-exclusive
basis certain of the patents which were assigned to the Company as part of the
acquisition.
$308K for a typewriter? Can anyone think of what "fixed assets" might have been retained for future use? |
