Cargo Therapeutics Inc. has entered into a significant agreement with Dren Bio Management, Inc., as part of its strategic shift to suspend various development efforts and explore potential alternatives. The agreement involves an Assignment and Assumption of Lease, transferring all rights and obligations of Cargo's Lease Agreement for a property in San Carlos, California, to Dren Bio. The property spans approximately 99,557 square feet on the building's 3rd and 4th floors. Cargo Therapeutics has paid $35.8 million to the landlord, ARE San Francisco No. 63, LLC, to be released from further liability under the lease and an additional $567,474.90 to Dren Bio for a security deposit. The lease assignment, which includes a sublease with Vaxcyte Inc., is set to commence once certain conditions are met, with Dren Bio assuming responsibility for rent and associated charges. This development marks a pivotal step in Cargo's reevaluation of its strategic direction.
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