MUSTANG BIO, INC. (MBIO): restructuring charge — Mustang Bio sells facility to uBriGene for up to $11M, discontinues four CAR T programs, cuts 82% workforce

MUSTANG BIO, INC.

Sells Worcester cell processing facility to uBriGene for $6M upfront plus $5M contingent on $10M equity raise.
Discontinues MB-102 (CD123), MB-103 (HER2), MB-104 (CS1), MB-105 (PSCA) programs; terminates City of Hope licenses.
Workforce reduction of ~82% (inclusive of offered employees); expects $2.9M severance costs and $24M annualized savings.
XSCID gene therapy program enrollment paused; awaiting data from modified vector trials; no safety concerns noted.
Enters manufacturing services agreement with uBriGene; commits to at least $8M spend over two years for MB-106 and future pipeline.

item 1.01 item 1.02 item 2.05 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MUSTANG BIO, INC. entered into Asset Purchase Agreement with uBriGene (Boston) Biosciences, Inc. valued at Total purchase price of $11,000,000 consisting of a base amount of $6,000,000 and a contingent amoun (effective 2023-05-18).

Action: entry
Agreement: asset purchase
Counterparty: uBriGene (Boston) Biosciences, Inc.
Value: Total purchase price of $11,000,000 consisting of a base amount of $6,000,000 and a contingent amoun
Effective: 2023-05-18

Exact text from the filing

On May 18, 2023, Mustang Bio, Inc. (the “ Company ”) entered into an Asset Purchase Agreement (the “ Asset Purchase Agreement ”) with uBriGene (Boston) Biosciences, Inc., a Delaware corporation (“ uBriGene ”), pursuant to which the Company has agreed, subject to the terms and conditions therein, to sell its leasehold interest in its cell processing facility located in Worcester, Massachusetts (the “ Facility ”) and associated assets relating to the manufacturing and production of cell and gene therapies at the Facility to uBriGene (the “ Transaction ”).

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

MUSTANG BIO, INC. announced a restructuring with charges of approximately $2.9 million affecting corporate (discontinued programs and workforce reduction) (approximately 82% (inclusive of the Offered Employees)).

Type: restructuring
Charge: approximately $2.9 million
Affected area: corporate (discontinued programs and workforce reduction)
Headcount: approximately 82% (inclusive of the Offered Employees)

Exact text from the filing

receive a payment in an amount equal to their prorated annual bonus through the Closing Date. In connection with these actions, the Company will incur expenses of approximately $2.9 million, consisting of (i) severance and termination-related costs of approximately $2.1 million, which will be paid in cash during the quarter ended June 30, 2023 and (ii) the

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MUSTANG BIO, INC. filing history →

Source: SEC EDGAR

accession 0001558370-23-010276

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