Used as an intermediate in the synthesis of pharmaceuticals and biologically active compounds, particularly in the development of central nervous system agents and receptor modulators. Its functional groups allow for selective transformations, making it valuable in constructing complex organic molecules. Commonly employed in cross-coupling reactions and as a building block in medicinal chemistry for creating benzodiazepine derivatives and other heterocyclic systems. Also utilized in research settings for the preparation of fluorescent probes and imaging agents due to its reactivity and structural features.