uBriGene (Boston) Biosciences Inc. entered into asset purchase agreement to acquire Worcester manufacturing facility of Mustang Bio, Inc. for $11 million on May 18, 2023. The consideration includes $6 million payable upfront plus an additional $5 million payable upon Mustang raising $10 million in gross proceeds from equity raises following the closing of the transaction. The closing of the transaction is subject to the satisfaction of certain conditions, including approval of transfer of the Company?s lease to uBriGene by the owner of the building and the acceptance of offers of employment with uBriGene or its affiliates by certain key current Mustang employees. Subject to satisfaction of conditions, the Company expects the transactions to close in June 2023. If the Asset Purchase Agreement is terminated due to either party?s willful material breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made pursuant to the Asset Purchase Agreement, such party shall pay $1 million to the other party within 30 days of such termination. As on June 30, 2023, Mustang Bio and uBriGene amended the Asset Purchase Agreement, under which the parties have extended the outside date by 30 days and the amended outside date is July 31, 2023.

uBriGene (Boston) Biosciences Inc. completed the acquisition of Worcester manufacturing facility of Mustang Bio, Inc. on July 28, 2023.