On May 25, 2020, FFC Equity Holdings, L.P. (“Purchaser”) terminated the Real Estate Purchase and Sale Agreement dated January 10, 2020 (the “Agreement”), between Purchaser and our wholly-owned subsidiary, Lex-Gen Woodlands, L.P., due to current uncertainty in real estate and financing market conditions.

Under the Agreement, we had agreed to sell our facilities in The Woodlands, Texas (the “Property”) to Purchaser for a purchase price of $15.0 million. Such sale was subject to normal and customary closing conditions, including a study period during which Purchaser could conduct inspections, analyses and other studies of the Property and was permitted to terminate the Agreement in its discretion.

We intend to explore other strategic alternatives with respect to the Property consistent with our strategy to reduce facilities costs, including the potential sale of the Property to an alternative third party.

About Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX)

Lexicon Pharmaceuticals, Inc. (Lexicon) is a biopharmaceutical company. The Company focuses on the development of treatments for human disease. The Company is engaged in the development of two drug candidates: telotristat etiprate (LX1032) and sotagliflozin (LX4211). The Company’s telotristat etiprate, is an orally delivered small molecule drug candidate, as a treatment for carcinoid syndrome. LX1032 inhibits tryptophan hydroxylase (TPH), which is an orally-delivered small molecule compound that the Company is developing for the treatment of carcinoid syndrome. Sotagliflozin, or LX4211, which is an orally-delivered small molecule compound that the Company is developing for the treatment of type 1 and type 2 diabetes mellitus. LX2761 is an orally-delivered small molecule compound for the treatment of diabetes. LX9211 is an orally-delivered small molecule compound for the treatment of neuropathic pain. The Company’s other programs include LX1033, LX2931 and LX7101.