Evelo Biosciences Terminated Their Sublease Agreement With Bio-Rad Laboratories, Agreeing To Make A Termination Payment Of $523,556 And Allowing Bio-Rad To Draw On A Letter Of Credit For $850,000 With The Potential For An Additional Payment Of Up To $2.5M
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Evelo Biosciences has ended its sublease agreement with Bio-Rad Laboratories. Evelo will make a termination payment of $523,556 and allow Bio-Rad to draw on a letter of credit for $850,000. There is also the potential for an additional payment of up to $2.5M.
July 20, 2023 | 8:49 pm
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Evelo Biosciences' termination of its sublease agreement with Bio-Rad Laboratories could potentially impact its financial position due to the termination payment and potential additional payment.
The termination of the sublease agreement will result in Evelo Biosciences making a significant payment to Bio-Rad Laboratories. This could potentially impact Evelo's financial position and liquidity, which could in turn affect its stock price.
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