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Kronos Bio, Inc. (NASDAQ:KRON), a clinical-stage biopharmaceutical company with a market capitalization of $41 million, announced the termination of its office lease at 301 Binney Street, Cambridge, Massachusetts. The agreement with landlord BMR-Rogers Street LLC, initially set to expire on February 28, 2031, will now end on June 30, 2025. The company’s stock is currently trading near its 52-week low of $0.65.
The company will pay approximately $22.5 million to the landlord as part of the termination agreement. In return, Kronos Bio will receive a refund of a $2.0 million security deposit within 60 days post-termination. The early termination is expected to result in cost savings of approximately $18.2 million for the company.
This information is based on a recent SEC filing.
In other recent news, Kronos Bio, Inc. has announced a definitive merger agreement with Concentra Biosciences, LLC. Under the agreement, Concentra will acquire Kronos Bio for $0.57 per share in cash, alongside a non-tradeable contingent value right (CVR) per share. This merger, unanimously approved by Kronos Bio’s Board of Directors, is expected to finalize in mid-2025, contingent on customary closing conditions. These conditions include a tender offer for all outstanding shares and the availability of at least $40 million in net cash at closing. Additionally, Kronos Bio has decided to terminate its lease agreement for its headquarters in San Mateo, California, ahead of schedule. The company agreed to a $1.4 million settlement with the landlord, which accounts for a security deposit and replaces the $1.6 million in base rent due until the original lease expiration. This lease termination is a notable financial transaction, although Kronos Bio has not disclosed future plans for a new headquarters. Both developments were detailed in recent filings with the Securities and Exchange Commission.
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