Item 1.01 | Entry into a Material Definitive Agreement. |
Amendment to Loan and Security Agreement with Hercules Capital
In connection with the closing of the Lexington Transaction on July 22, 2024 (as defined and described in Item 2.01 below) and the consent of Hercules Capital, Inc. (“Hercules”) to the disposition of certain collateral assets as a component of the Lexington Transaction, uniQure N.V. (the “Company”), certain of its affiliates and Hercules agreed to amend the Company’s third amended and restated loan and security agreement effective as of closing of the Lexington Transaction (as so amended, the “2024 Amended Facility”). As a condition to Hercules’ consent to the Lexington Transaction and the effectiveness of such amendment, the Company prepaid $50.0 million of the $100.0 million of principal outstanding under the 2024 Amended Facility as well as approximately $3.0 million in end-of-term charges. The remaining $50.0 million of principal outstanding is due along with remaining end-of-term charges at the maturity of the 2024 Amended Facility in January 2027. Except as provided for in the amendment, the terms of borrowing under the 2024 Amended Facility otherwise remain unchanged.
The foregoing description of the 2024 Amended Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the 2024 Amended Facility, which will be filed as an exhibit the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2024. The 2024 Amended Facility contains representations, warranties, covenants and other provisions that were made only for purposes of such agreement and as of specific dates, are solely for the benefit of the parties thereto, and may be subject to limitations agreed upon by such parties. The foregoing description of the 2024 Amended Facility is not intended to provide any other factual information about the Company.
Assignment of Lexington Lease and Amendment
In connection with the closing of the Lexington Transaction and the consent of Hartwell Innovation Campus, LLC as landlord (the “Landlord”) with respect to the leased premises located at 113 Hartwell Avenue, Lexington, Massachusetts and the site of the Company’s manufacturing facility (the “Lexington Facility”), uniQure Inc. (“uniQure”) assigned all of its rights, title and interest in and to the lease agreement for the Lexington Facility (the “Lexington Lease”) to Genezen MA, Inc. (“Genezen”), subject to certain retained liabilities and obligations as provided in the applicable assignment and assumption agreement (the “Assignment”). In addition, in connection with the closing of the Lexington Transaction and the Assignment, uniQure, the Landlord and Genezen agreed to modify and amend the Lexington Lease to, among other things, (i) amend the existing uniQure guaranty, (ii) provide for the execution and delivery of a new guaranty by Genezen Holdings, Inc. (“Genezen Holdings”) to the benefit of the Landlord, (iii) extend the term of the Lexington Lease to May 31, 2034, with two additional five-year extension terms available at Genezen’s option, and (iv) provide for certain Landlord contribution amounts available to Genezen for future alterations to the premises.
The foregoing description of the Landlord consent and the Assignment does not purport to be complete and is qualified in its entirety by reference to the full text of such agreements, which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2024. The Landlord consent and the Assignment contain representations, warranties, covenants and other provisions that were made only for purposes of such agreements and as of specific dates, are solely for the benefit of the parties thereto, and may be subject to limitations agreed upon by such parties. The Landlord consent and Assignment are not intended to provide any other factual information about the parties.
Item 2.01Completion of Acquisition or Disposition of Assets.
On July 22, 2024, the Company completed its previously announced sale of the Lexington Facility and certain assets and liabilities related to its manufacturing operations pursuant to the Asset Purchase Agreement dated June 29, 2024 (the “Asset Purchase Agreement”), by and among uniQure, uniQure biopharma B.V., Genezen and Genezen Holdings (the “Lexington Transaction”). At the closing of the Lexington Transaction, uniQure received (i) shares of newly issued Series C preferred stock of Genezen Holdings valued at $12.5 million, which are convertible into Genezen Holdings common stock and accrue an 8% per annum cumulative dividend, and (ii) a $12.5 million convertible promissory note from Genezen Holdings, bearing interest at 8% per annum and maturing 63 months following the date of issuance.