Avidity Biosciences Inc.
03/25/2025 | Press release | Distributed by Public on 03/25/2025 06:51
Material Event (Form 8-K)
| Item 8.01. | Other Events. |
On March 19, 2025, Avidity Biosciences, Inc. (the "Company") entered into that certain First Amendment to Sublease Agreement (the "Amendment"), by and between the Company and Turning Point Therapeutics, Inc. ("Sublandlord"), which amends that certain Sublease Agreement (the "Agreement" and together with the Amendment, the "Sublease"), dated as of April 29, 2024, by and between the Company and Sublandlord.
The Amendment effects the exercise by the Company of its option to occupy an additional 80,000 rentable square feet of space (the "Additional Space") at the premises set forth in the Sublease, which, together, will serve as the Company's future corporate headquarters. The term of the Company's occupancy of the Additional Space under the Amendment is approximately 9 years, 1 month, with payments expected to begin in April 2026.
Total aggregate future commitments by the Company for the Additional Space under the Sublease is approximately $53.7 million, inclusive of a 3% annual rent increase and various agreed upon rent abatement amounts. Sublandlord will provide the Company with a tenant improvement allowance of up to $19.9 million.
The foregoing description of the terms of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending March 31, 2025.