Infinity Pharmaceuticals, Inc. (NASDAQ:INFI) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement |
784 Memorial Drive Lease
On March27, 2017, Infinity Pharmaceuticals, Inc. (we,
us, or our) and BHX, LLC, as trustee of 784 Realty
Trust (the Landlord), entered into an amendment (the
Lease Amendment) to that certain lease dated September25,
2014, (the Lease) for the lease of office space at 784
Memorial Drive, Cambridge, MA 02139 (the Premises), under
which we and Landlord agreed to the early termination of the
Lease subject to the satisfaction of specified contingencies and
payment of a termination payment, as described in more detail
below.
Under the Lease Amendment, the Lease will terminate effective
June30, 2017 (the Early Termination Date) upon
satisfaction of the following contingencies: (i)we receive from
Landlord a notice (Landlord Notice) on or before May8,
2017 that it entered into a new lease or leases on or before
May1, 2017 with respect to 50% of the Premises (the Landlord
Contingency), or that it has waived the Landlord Contingency;
(ii)we provide notice to Landlord on or before May8, 2017
(Tenant Notice) that we received a qualifying lender
consent on or before May1, 2017 (the Tenant Contingency)
or that we have waived the Tenant Contingency; and (iii)our
payment to Landlord of $5,000,000 (the Termination
Payment) as described below.
The Termination Payment is payable in two installments as
follows: (1)$4,500,000 within five (5)calendar days after (i)the
date on which we receive the Landlord Notice and (ii)the earlier
of (A)the date on which we provide a Tenant Notice or (B)the date
on which Tenant Contingency has been satisfied, and (2)$500,000
on or before the Early Termination Date. Failure by us to timely
pay the Termination Payment shall constitute an event of default
under the Lease.
If the Landlord Notice is not timely given, the Lease Amendment
shall be null and void, and the Lease shall remain in effect in
accordance with its terms as they existed immediately prior to
execution and delivery of the Lease Amendment.
If the Lease is terminated to the Lease Amendment and we timely
pay the Lease Termination Payment, then effective as of the Early
Termination Date, the Lease shall terminate and the parties shall
have no further obligation to each other except for those that
survive the expiration or earlier termination of the Lease.
Within three (3)business days after our payment of the full
Termination Payment, Landlord shall return to us the letter of
credit we provided to Landlord under the Lease as a security
deposit.
The foregoing description of the terms of the Lease Amendment
does not purport to be complete and is qualified in its entirety
by reference to the full text of the Lease Amendment, a copy of
which is attached hereto as Exhibit 10.1 to this Current Report
on Form8-K.
| Item9.01. | Financial Statements and Exhibits. |
(d) The following exhibit is included in this report:
|
Exhibit No. |
Description |
|
| 10.1 |
Amendment to Lease, dated as of March 27, 2017, between Infinity Pharmaceuticals, Inc. and BHX, LLC as trustee of 784 Realty Trust. |
About Infinity Pharmaceuticals, Inc. (NASDAQ:INFI)
Infinity Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is engaged in the discovery, development and delivery of medicines to treat diseases. The Company develops small molecule drugs that target disease pathways for potential applications in oncology. Its product candidate is duvelisib, also known as IPI-145, is an oral, dual-inhibitor of the delta and gamma isoforms of phosphoinositide-3-kinase (PI3K), for the treatment of hematologic malignancies, or blood cancers. The Company is also developing IPI-549, which is an orally administered, clinical-stage, immuno-oncology product candidate that selectively inhibits the gamma isoform of PI3K. In addition to duvelisib, the Company focuses to generate new product candidates for potential investigation in oncology. The Company also focuses on developing DYNAMO, CONTEMPO, BRAVURA, FRESCO, DYNAMO+R, DUO, SYNCHRONY and Duvelisib + Venetoclax. Infinity Pharmaceuticals, Inc. (NASDAQ:INFI) Recent Trading Information
Infinity Pharmaceuticals, Inc. (NASDAQ:INFI) closed its last trading session 00.00 at 3.37 with 382,866 shares trading hands.
