Instil Bio Shares Surge Following Rental Agreement with AstraZeneca
By Connor Hart
Shares of Instil Bio surged after the company announced AstraZeneca Pharmaceuticals will lease a facility from one of its subsidiaries.
The stock was up more than 31% to $12.75 on Friday. Shares are up more than 67% year to date.
AstraZeneca signed an approximately 15-year lease, which began Wednesday, for Complex Therapeutics's Tarzana, Calif., facility. Complex is a wholly owned subsidiary of Instil, it said in a filing with the Securities and Exchange Commission.
The initial base rent is $627,276 per month, increasing 3% annually and abated so AstraZeneca will pay no or reduced rent during the first year. The lease includes two consecutive five-year options to extend and a one-time option to terminate.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
July 12, 2024 15:57 ET (19:57 GMT)
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