Mustang Bio, Inc. (NASDAQ: MBIO) announced on February 27, 2025, that it has completed a transaction involving the divestiture of certain fixed assets and the exit from its manufacturing facility lease in Worcester, Massachusetts. The company entered into a Bill of Sale and Surrender Agreement with AbbVie Bioresearch Center Inc., under which Mustang Bio sold furniture, fixtures, and equipment located at the leased premises for a total purchase price of $1.0 million.
The Sale/Surrender Agreement, effective January 31, 2025, was executed in conjunction with an Escrow Agreement with Bowditch & Dewey, LLP acting as escrow agent. Following the closing of the transaction on February 21, 2025, the escrow agent released the purchase price to the company on February 25, 2025 after final verification that a sufficient percentage of the fixed assets were present and operational.
As part of its evolving strategic direction, Mustang Bio has relocated its corporate headquarters to 95 Sawyer Road in Waltham, Massachusetts. The company remains focused on advancing its clinical-stage pipeline and is planning to support and initiate a novel clinical trial in the second half of 2025 for MB-109—a combination therapy that pairs IL13Rα2-targeted CAR-T cell therapy (MB-101) with an oncolytic virus (MB-108) for the treatment of recurrent glioblastoma and high-grade astrocytomas.
The details of the transaction, including the Bill of Sale and Surrender Agreement as well as the Lease Amendment, were disclosed in the company’s SEC Form 8-K filing and supporting exhibits.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mustang Bio’s 8K filing here.
Mustang Bio Company Profile
Mustang Bio, Inc, a clinical-stage biopharmaceutical company, focuses on translating medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors, and rare genetic diseases. Its pipeline focuses on gene therapy programs for rare genetic disorders, chimeric antigen receptor (CAR) engineered T cell (CAR T) therapies for hematologic malignancies, and CAR T therapies for solid tumors.
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