MUSTANG BIO, INC. (MBIO): M&A transaction — Mustang Bio closes amended asset sale to uBriGene for $6M upfront; cash runway into early 2024

MUSTANG BIO, INC.

Closed amended asset purchase agreement with uBriGene on July 28, 2023; received $6M upfront cash.
Additional $5M contingent payment requires Mustang to raise $10M+ equity and landlord consent for lease assignment.
Facility lease did not transfer; Mustang continues to occupy and manufacture MB-106; landlord has 30 days after CFIUS review.
If lease not transferred within 120 days, uBriGene can request repurchase negotiations of transferred assets.
Upfront proceeds and operating expense reductions extend cash runway into early 2024.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

MUSTANG BIO, INC. completed a disposition involving uBriGene (Boston) Biosciences, Inc. for $6,000,000 (the "Base Amount") (closed 2023-07-28).

Action: disposition
Counterparty: uBriGene (Boston) Biosciences, Inc.
Consideration: $6,000,000 (the "Base Amount")
Closing: 2023-07-28

Exact text from the filing

detail below. Under the terms of the Amended Asset Purchase Agreement, on the Closing Date, uBriGene paid to the Company, as consideration for the Transaction, a base amount of $6,000,000 (the “ Base Amount ”). A contingent amount (the “ Contingent Amount ”) will be paid to the Company once the Company (i) completes an issuance of equity securities in an amount

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MUSTANG BIO, INC. filing history →

Source: SEC EDGAR

accession 0001558370-23-012508

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