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Article: Bioanalytical Systems, Inc. Announces $6.5 Million Sale-Leaseback of Baltimore Facility.
- Article from:
- Business Wire
- Article date:
- December 8, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WEST LAFAYETTE, Ind. -- Bioanalytical Systems, Inc. (Nasdaq:BASI) today announced that it has reached an agreement providing for the sale and leaseback of the building that currently houses its clinical research facility in downtown Baltimore, Maryland. BASi will receive $6.5 million in cash from the transaction and will lease 85% of the building for three years at near-market rate. Proceeds from the transaction will be used to reduce debt and increase working capital. A purchase agreement was executed, due diligence satisfactorily completed, and a nonrefundable $1,000,000 deposit is in escrow. The transaction is scheduled to close in early January, 2005.
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