IONIS terminates lease for 217K sq ft Oceanside facility after landlord misses July 31 grading milestone

IONIS PHARMACEUTICALS INC

Notified Sudberry Development of termination under Section 2.3 of Lease due to failure to commence grading by July 31, 2023.
Lease for ~217,000 rentable sq ft manufacturing/R&D/office/warehouse on 13.1 acres in Oceanside, CA; base rent at fair market value based on construction cost.
Termination effective Aug 31, 2023 unless landlord achieves milestone by then; no further rights or obligations after.
Company states termination will not impact ability to successfully commercialize its medicines.

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