Evelo enters into termination and surrender pact with Bio-Rad

According to a regulatory filing, on July 14, 2023, Evelo Biosciences (EVLO) entered into a Sublease Termination and Surrender Agreement with Bio-Rad Laboratories, Inc. (BIO), pursuant to which the parties agreed to terminate that certain Sublease Agreement, by and between the company and Bio-Rad, dated as of December 27, 2017, effective as of September 15, 2023. Under the Sublease, the company leases approximately 40,765 square feet of office and laboratory space located at 620 Memorial Drive in Cambridge, Massachusetts. The Sublease was previously scheduled to terminate, in accordance with its terms, on September 30, 2025, unless sooner terminated or cancelled in accordance with the terms and conditions of the Sublease. As of the Effective Date, the company shall have no further subleasehold or other right, title, or interest in the Premises. In exchange for the early termination of the Sublease pursuant to the Termination Agreement, the company agreed to make a one-time termination payment to Bio-Rad in the amount of $523,556 and Bio-Rad is also entitled to draw on a letter of credit in an amount equal to $850,000 and retain such proceeds. Further, Bio-Rad may be entitled to an additional payment of up to $2,500,000 in connection with the company’s completion of a Monetization Event