UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On November 25, 2020, Agenus Inc. (“Agenus”) and Bay Center Investor LLC (the “Landlord”) entered into a lease agreement (the “Lease”) pursuant to which Agenus will lease a building containing approximately 83,620 square feet in Emeryville, California for cGMP manufacturing space for its commercial antibody manufacturing requirements and additionally, laboratory and office space (the “Building”).
Pursuant to the terms of the lease, Agenus will immediately take possession of the Building to commence warm-up construction and tenant improvements (collectively, “Improvements”). The landlord will contribute an aggregate of approximately $21.2 million toward the cost of the Improvements.
The Lease will commence upon the earlier of (i) the completion of the Improvements or (ii) January 1, 2022 (the “Commencement Date”). The Lease has an initial term of 15 years from the Commencement Date, and Agenus has the option to extend the Lease for two successive ten-year terms. Agenus is entitled to a 6-month period of abated base rent from the Commencement Date, after which time Agenus will pay the Landlord base rent at an initial rate of $63 per square foot per year. Rent will be payable in equal monthly installments and subject to 3% annual increases over the term. Additionally, Agenus is responsible for reimbursing the Landlord for the building’s property taxes and operating expenses. In connection with the Lease, Agenus will maintain a letter of credit for the benefit of the Landlord in an amount of $2.6 million.
The foregoing description of the terms of the Lease does not purport to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by reference to the Lease, filed as Exhibit 10.1 herewith.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 10.1 | Office Lease by and between Bay Center Investor LLC and Agenus Inc. dated November 25, 2020 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
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.
| Date: November 25, 2020 | AGENUS INC. | |||||
| By: | /s/ Evan D. Kearns | |||||
| Evan D. Kearns | ||||||
| VP, General Counsel and Secretary | ||||||