Breaking: Evelo Biosciences and Bio-Rad Agree on Sublease Termination and Surrender Deal
- July 20th, 2023
- 485 views
According to a regulatory filing with the SEC, Evelo Biosciences, Inc. (Nasdaq: EVLO) has entered into a Sublease Termination and Surrender Agreement with Bio-Rad Laboratories, Inc. (NYSE: BIO). The agreement terminates the Sublease, which provided Evelo Biosciences with approximately 40,765 square feet of office and laboratory space in Cambridge, Massachusetts. The termination will become effective on September 15, 2023.
As part of the agreement, Evelo Biosciences will pay Bio-Rad a one-time termination payment of $523,556. Additionally, Bio-Rad is entitled to draw on a letter of credit for $850,000 and retain the proceeds. Further, there may be an additional payment of up to $2,500,000 if Evelo Biosciences completes a Monetization Event.
In after-hours, $EVLO is currently trading at $11.24 (+14.00%), and $BIO is at $400.00 (+0.45%)
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