CARGO Therapeutics assigns San Carlos lease to Dren Bio for $35.8M release payment

CARGO Therapeutics, Inc.

Company paid $35,800,000 to landlord ARE San Francisco No. 63 LLC for release from lease obligations.
Company paid $567,474.90 to Dren Bio Management for an irrevocable standby letter of credit covering security deposit.
Lease assignment includes sublease with Vaxcyte Inc. for 38,200 rentable sq ft through June 30, 2026.
CARGO Therapeutics previously announced suspension of development efforts and exploration of strategic alternatives.

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