By Sabela Ojea
Mustang Bio is exiting the lease for its manufacturing facility in Worcester, Mass., and selling some fixed assets from the plant for $1 million.
The clinical-stage biopharmaceutical company on Thursday said that the divestment includes selling furniture and equipment to AbbVie Bioresearch, located in the same city.
As a result of the termination of the lease, Mustang Bio expects savings of about $2 million of cash expenses over the next 24 months.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 27, 2025 17:33 ET (22:33 GMT)
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