What changed in this filing

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Item 2. Properties

2024-02-14 compared with 2023-02-15 · 26 added, 18 removed, 29 unchanged (60% of the section changed)

1 unchanged sentence

MASSACHUSETTS

In Cambridge, MA we own approximately 263,000 square feet of real estate space, consisting of a building that houses a research laboratory and a cogeneration plant.

In Cambridge, Massachusetts we own approximately 263,000 square feet of real estate space, consisting of a building that houses a research laboratory and a cogeneration plant.

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In addition, we lease a total of approximately 1,165,000 square feet in Massachusetts, which is summarized as follows:

• 1,072,000 square feet in Cambridge, MA, which is comprised of offices for our corporate headquarters and other administrative and development functions and laboratories, of which 289,000 square feet is subleased by multiple companies for general office space, laboratories and manufacturing facilities;

• 357,000 square feet of office space in Weston, MA, of which 174,000 square feet is subleased through the remaining term of our lease agreement.

• 808,000 square feet in Cambridge, Massachusetts, which is comprised of offices for our corporate headquarters and other administrative and development functions and laboratories, of which 209,000 square feet is subleased by multiple companies for general office space, laboratories and manufacturing facilities;

• 357,000 square feet of office space in Weston, Massachusetts, of which 174,000 square feet is subleased through the remaining term of our lease agreement.

Our lease expires in May 2025 and we do not intend on renewing the lease agreement.

Our Massachusetts lease agreements expire at various dates through the year 2028.

1 unchanged sentence

In September 2022 we completed the sale of our building and land parcel located at 125 Broadway.

In connection with this sale, we simultaneously leased back the building for a term of approximately 5.5 years, which resulted in the recognition of approximately $168.2 million in new lease liabilities and right-of-use assets recorded within our consolidated balance sheets as of December 31, 2022.

In connection with this sale, we simultaneously leased back the building for a term of approximately 5.5 years.

The sale and immediate leaseback of this building qualified for sale and leaseback treatment and is classified as an operating lease.

For additional information

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on our 125 Broadway sale and leaseback transaction, please read Note 11, Property, Plant and Equipment and Note 12, Leases , to our consolidated financial statements included in this report.

For additional information on our 125 Broadway sale and leaseback transaction, please read Note 11, Property, Plant and Equipment and Note 12, Leases , to our consolidated financial statements included in this report.

300 BINNEY STREET LEASE MODIFICATION

In September 2022 we entered into an agreement to partially terminate a portion of our lease located at 300 Binney Street, Cambridge, MA (300 Binney Street), as well as to reduce the lease term for the majority of the remaining space.

In September 2022 we entered into an agreement to partially terminate a portion of our lease located at 300 Binney Street, as well as to reduce the lease term for the majority of the remaining space.

The agreement was driven by our 2022 efforts to reduce costs by consolidating real estate locations.

1 unchanged sentence

NORTH CAROLINA

In RTP, NC we own approximately 1,040,000 square feet of real estate space, which is summarized as follows:

In RTP, North Carolina we own approximately 1,040,000 square feet of real estate space, which is summarized as follows:

• 357,000 square feet of laboratory and office space;

5 unchanged sentences

• 43,000 square feet related to a large-scale purification facility.

In addition, we lease approximately 65,000 square feet of warehouse space in Durham, NC.

In addition, we lease approximately 65,000 square feet of warehouse space in Durham, North Carolina.

Our North Carolina lease agreements expire at various dates through the year 2025.

In March 2021 we announced our plans to build a new gene therapy manufacturing facility in RTP, NC to support our gene therapy pipeline across multiple therapeutic areas.

The new manufacturing facility will be approximately 197,000 square feet and is expected to be operational by the end of 2023, with an estimated total investment of approximately $195.0 million.

Construction for this new facility began during the fourth quarter of 2021.

In the fourth quarter of 2021 we began construction of a new gene therapy manufacturing facility in RTP, North Carolina to support our gene therapy pipeline across multiple therapeutic areas.

The new manufacturing facility will be approximately 197,000 square feet.

As we continue to advance our research and development prioritization efforts, which includes refocusing our investment in gene therapy, we are evaluating several alternative uses for this facility.

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As part of our acquisition of Reata in September 2023 we acquired leases totaling approximately 404,000 square feet of real estate space, which is summarized as follows:

• 327,000 square feet in Plano, Texas, which is comprised of office and laboratory space, with an initial lease term through the year 2038.

We do not intend to occupy this building and are evaluating opportunities to sublease this property;

• 35,000 square feet in Irving, Texas, which is comprised of office and laboratory space and expires in 2024;

• 42,000 square feet in Plano, Texas, which is comprised of office and laboratory space and expires in 2024.

For additional information on our acquisition of Reata, please read Note 2, Acquisitions , to our consolidated financial statements included in this report.

INTERNATIONAL

In order to support our future growth and drug development pipeline, we are building a large-scale biologics manufacturing facility in Solothurn, Switzerland.

Upon completion, this facility will include 393,000 square feet related to a large-scale biologics manufacturing facility, 290,000 square feet of warehouse, utilities and support space and 51,000 square feet of administrative space.

In the second quarter of 2021 a portion of the facility received a GMP multi-product license from SWISSMEDIC.

In order to support our future growth and drug development pipeline, we built a large-scale biologics manufacturing facility in Solothurn, Switzerland.

This facility includes 393,000 square feet related to a large-scale biologics manufacturing facility, 290,000 square feet of warehouse, utilities and support space and 51,000 square feet of administrative space.

In the second quarter of 2021 a portion of the facility (the first manufacturing suite) received a GMP multi-product license from the SWISSMEDIC and was placed into service.

The second manufacturing suite became operational in January 2024.

Solothurn has been approved for the manufacture of ADUHELM and LEQEMBI by the FDA.

We estimate the second manufacturing suite at the Solothurn facility will be operational by the end of 2023.

For additional information on our Solothurn manufacturing facility, please read Note 11, Property, Plant and Equipment, to our consolidated financial statements included in this report.

OTHER INTERNATIONAL

6 unchanged sentences

Not applicable.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties