Instil Bio Shares Surge Following Rental Agreement with AstraZeneca
By Connor Hart
Shares of Instil Bio surged after the company announced AstraZeneca Pharmaceuticals will lease a facility from one of its subsidiaries.
The stock was up more than 31% to $12.75 on Friday. Shares are up more than 67% year to date.
AstraZeneca signed an approximately 15-year lease, which began Wednesday, for Complex Therapeutics's Tarzana, Calif., facility. Complex is a wholly owned subsidiary of Instil, it said in a filing with the Securities and Exchange Commission.
The initial base rent is $627,276 per month, increasing 3% annually and abated so AstraZeneca will pay no or reduced rent during the first year. The lease includes two consecutive five-year options to extend and a one-time option to terminate.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
July 12, 2024 15:57 ET (19:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks
United States