**Exhibit      10.47**

**CONFIDENTIAL      TREATMENT HAS BEEN REQUESTED WITH RESPECT TO CERTAIN INFORMATION IN THIS      AGREEMENT. THIS INFORMATION HAS BEEN REDACTED AND DENOTED BY ASTERISKS [***].      **

**LICENSE      AGREEMENT**

**THIS      LICENSE AGREEMENT**
**Agreement**
**Effective      Date**
**(“WYETH”)**
**(“NEUROGEN”)**

**Background:**

| A. | WYETH                has undertaken research and development of a compound commonly referred                to                as Aplindore. WYETH and its Affiliates are the owners of certain                patents,                know-how and other intellectual property rights relating to such                compound.                WYETH desires to license such patents, know-how and other intellectual                property rights to NEUROGEN according to the terms and conditions                set                forth below. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | NEUROGEN                is in the business of drug discovery and development. NEUROGEN desires                to                license from WYETH such patents, know-how and other intellectual                property                rights, subject to the terms and conditions set forth below. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**“Party,”**
**“Parties,”**

**ARTICLE      I**
**DEFINITIONS**

**1.1**
**“Affiliate”**

**1.2**
**“Aplindore”**

**1.3**
**“Aplindore      Licensed Know-How”**

**1.4**
**“Compounds”**

**1.5**
**“Commercially      Reasonable Efforts”**

**1.6**
**“Control”      **
**“Controlled”**

**1.7**
**“Effective      Date”**

**1.8**
**“EMEA”      **

**1.9**
**“FDA”**

**1.10**
**“Field”**

**1.11**
**“Filing”      **

**1.12**
**“First      Commercial Sale”**

**1.13**
**“Hatch-Waxman      Act” **

**1.14**
**“HSR      Act”**

**1.15**
**“IND”      **

**1.16**
**“Information”**

**1.17**
**“Know-How”**

**1.18**
**“Licensed      Know-How”**

**1.19**
**“Licensed      Patent Rights”**

**1.20**
**“NDA”**

**1.21**
**“NDA      Approval”**

**1.22**
**“Net      Sales**

**1.23**
**“Patents”**

**1.24**
**“Phase      II Clinical Trial”**

**1.25**
**“Phase      III Clinical Trial”**

**1.26**
**“Product”      **

**1.27**
**“Regulatory      Approval”**

**1.28**
**“Regulatory      Authority”**

**1.29**
**“Sublicensee”**

**1.30**
**“Territory”**

**1.31**
**“Third      Party”**

**1.32**
**“U.S.      GAAP”**

**1.33**
**“Valid      Claim”**

**1.34**
**Interpretation.**

**(a)**

**(b)**

**(c)**

**(d)**

**(e)**

**(f)**

**(g)**

**(h)**

**(i)**

**(j)**

**(k)**

**ARTICLE      II**
**LICENSES      **

**2.1**
**License      Grant.**
**(a)**

**(b)**

**(c)**

**ARTICLE      III**
**IND      AND TECHNOLOGY TRANSFER; COMPOUND SUPPLY**

**3.1**
**Access      to Regulatory Filings. **

**(“Original      IND”)**

**3.2**
**Technology      Transfer. **

**(a)**
** **
**“Transfer      Completion Date”**

**(b)**

**3.3**
**Supply      of Existing Compound. **
**“Compound      Inventory”).**

**ARTICLE      IV**
**RESEARCH      AND DEVELOPMENT; DILIGENCE**

**4.1**
**Research      and Development Obligations**

**(a)**

**(b)**

**(c)**

**4.2**
**Reports.      **

**4.3**
**Manufacture.      **

**ARTICLE      V**
**CONFIDENTIALITY      **

**5.1**

**(a)**

**(b)**

**(c)**

**(d)**

**(e)**

**(f)**

**5.2**
**Permitted      Disclosure of Information.**

*provided*

*provided*

**5.3**
**Publication.**

**5.4**
**Financial      Terms and Other Disclosures. **
*provided,      however, *
*provided*

**ARTICLE      VI**
**PAYMENTS      AND ROYALTIES **

**6.1**
**License      Fee. **

**6.2**
**Milestone      Payments.**

|                                                                           | **Milestone**                                                                                                                                                                                            | **Payment**                                                                                                                                                                                           |
|--------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Initiation                  of First Phase II Clinical Trial of Compound  |                                                                                                                                                                                                     | $[***]                                                                                                                                                                                                |
| Initiation                  of First Phase III Clinical Trial of Compound      |                                                                                                                                                                                                     | $[***]                                                                                                                                                                                                |
|                                                                           |                                                                                                                                                                                                     |                                                                                                                                                                                                  |   |
| First                  NDA Filing in the US for Compound                  |                                                                                                                                                                                                     | $[***]                                                                                                                                                                                                |
| First                  EMEA Filing for Compound:                               |                                                                                                                                                                                                     | $[***],                  or if                                                                                                                                                                        |
|                                                                           | filed                  for individual or lessthan                  all member countries,$[***]                  for each ofUnited                  Kingdom,Germany,                  France, Italy  |
| First                  NDA Approval in US of Compound:                         |                                                                                                                                                                                                     | $[***]                                                                                                                                                                                           |
| First                  NDA Approval in Europe of Compound:                     |                                                                                                                                                                                                     | $[***],                  or if                                                                                                                                                                        |
|                                                                           |                                                                                                                                                                                                     | approved                  for individual orless                  than all membercountries,$[***]                  for each                  of United Kingdom,Germany,                  France, Italy |

**6.3**
**Annual      Maintenance Fee.**

**6.4**
**Royalties      Payable by NEUROGEN.**
** **

**(a)**
**Royalties**

| On                  that Portion ofAnnual                  Net Sales in the Territory: | Marginal                  Royalty Rate(%                  of Annual Net Sales) |
|----------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|
|                                                                                   |                                                                           |   |
| Less                  than $150 million                                                |                                                                           | [***]% |
| Over                  $150 million to $300 million                                     |                                                                           | [***]% |
| Over                  $300 million to $900 million                                     |                                                                           | [***]% |
| Over                  $900 million to $1.5 billion                                     |                                                                           | [***]% |
| Over                  $1.5 billion                                                     |                                                                           | [***]% |

**(b)**

**6.5**
**Royalty      Reports.**
**Payment      Report**

**6.6**
**Audits.      **

**(a)**

**(b)**

**(c)**

**(d)**

**6.7**
**Payment      Exchange Rate. **

**6.8**
**      Income Tax Withholding**

| **ARTICLE                  VII** | [***]  |
|----------------------------------|-------------|
|                             | **7.1**     | [***]  |
|                             | **7.2**     | [***]  |

**ARTICLE        VIII**
**REPRESENTATIONS        AND WARRANTIES**

**8.1**
**      Mutual Representations and Warranties of WYETH and      NEUROGEN.**

**(a)**

**(b)**

**(c)**

**8.2**
**WYETH      Representations and Warranties**

**(a)**

**(b)**

**(c)**

**(d)**

**(e)**

**            8.3   HSR      Act**

**8.4**
**Disclaimer      of Warranties**

**ARTICLE      IX**
**      INTELLECTUAL PROPERTY**

**9.1**
**Filing,      Prosecution and Maintenance of Patents.**

**(a)**

**(b)**

**(c)**

**9.2**
**Enforcement      and Defense**

**(a)**

**(b)**

**(c)**
*** ***
** **
**“Remaining      Proceeds**

**(d)**

**9.3**
**      Patent Term Extensions.**
**Patent      Term Extensions**

**9.4**
**Trademark.**

**9.5**

**ARTICLE      X**
**TERM      AND TERMINATION **

**10.1**
**Term      and Expiration.**

**10.2**
**Termination.**
** **

**(a)**

**(b)**
*provided,      however;*
* *

**(c)**

**(d)**
*provided        that*

**10.3**
**Effect      of Expiration or Termination.**

**10.4**
**Remedies.**

**10.5**

**ARTICLE      XI**
**INDEMNIFICATION**

**11.1**
**Mutual        Indemnification.**
**Claim**
**Loss**

**(a)**

**(b)**

**(c)**

**11.2**
**Products        Liability**

**(a)**

**(b)**

**11.3**

**11.4**
**Notice        of Claim.**
**Indemnified        Party**
**Indemnifying        Party**

**ARTICLE      XII**
**      ADDITIONAL TERMS**

**12.1**
**Consequential      Damages.**

**12.2**
**Assignment.      **

**(a)**

**(b)**

**(c)**

**12.3**
**Force      Majeure.**

**12.4**
**Severability.**

**12.5**
**Publicity/Use      of Names.**

**12.6**
**Notices.**

**if      to **

**NEUROGEN:      **
** **
** **

**Attn:**

**Facsimile      No**

**if      to WYETH: **
** **

**12.7**
**Applicable      Law and Jurisdiction.**

**12.8**
**Dispute      Resolution. **

**(a)**

**(b)**

**(c)**

**12.9**
**Entire      Agreement.**

**12.10**
**H**
**eadings.**

**12.11**
**Independent      Contractors.**

**12.12**
**Waiver.**

**12.13**
**Counterparts.**

**[Remainder      of page intentionally left blank - signature pages to      follow]**

**IN      WITNESS WHEREOF**

| **WYETH,**                acting through itsWYETH                PHARMACEUTICALS DIVISION |                               | **NEUROGEN                CORPORATION** |
|-------------------------------------------------------------------------------------------|------------------------------------|-----------------------------------------|
|                                                                                      |                               |                                    |   |   |
| By:                                                                                       | /s/                Ronald W. Alice |                                    | By: | /s/                William Koster |
|                                                                                      | Name:                              | Ronald                W. Alice          |   |   | Name: | William                Koster |
|                                                                                      | Title:                             | Vice                President           |   |   | Title: | President                and CEO |
|                                                                                      |                               |                                    |   |   |
|                                                                                      | November                16, 2006   |                                    |   | November                21, 2006 |
|                                                                                      | Date                               |                                    |   | Date |