SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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|Item 1.01|| |
Entry into a Material Definitive Agreement.
On March 31, 2023 (the “Termination Date”), Magenta Therapeutics, Inc. (the “Company”), entered into a Sublease Termination and Release Agreement (the “Termination Agreement”) with Novartis Institutes for Biomedical Research, Inc. (“Novartis”) pursuant to which, effective as of the Termination Date, the parties terminated that certain Sublease, as amended, by and between the Company and Novartis, dated as of May 4, 2018 (the “Sublease”). Under the Sublease, the Company had leased approximately 69,000 square feet of research and development, laboratory and office space located at 100 Technology Square in Cambridge, Massachusetts (the “Premises”). The Sublease was previously scheduled to terminate, in accordance with its terms, on the earlier of (i) February 28, 2028 or (ii) the date upon which the Sublease may otherwise be terminated or expire (a) pursuant to its terms, (b) pursuant to the terms of the Overlease (as described and defined in the Sublease) or (c) pursuant to law. In exchange for the early termination of the Sublease pursuant to the Termination Agreement, the Company agreed to make a one-time termination payment to Novartis in the amount of $14,780,188.00. Following the Termination Date, the Company’s principal executive offices will be located at 300 Technology Square in Cambridge, Massachusetts.
The foregoing description of the terms of the Termination Agreement does not purport to be complete and is qualified in its entirety by reference to the Termination Agreement, which the Company intends to file with the Securities and Exchange Commission as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending March 31, 2023.
|Item 1.02|| |
Termination of a Material Definitive Agreement.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 1.02.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|MAGENTA THERAPEUTICS, INC.|
|Date:||April 6, 2023|
/s/ Stephen Mahoney
|Title:||President, Chief Financial and Operating Officer|