UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On July 21, 2023, Ventyx Biosciences, Inc. (the “Company”) entered into a Sublease Agreement (the “Sublease”) with Neurocrine Biosciences, Inc. (“Neurocrine”), pursuant to which the Company agreed to sublease approximately 35,016 rentable square feet on the second (2nd) floor of the building located at 12790 El Camino Real, San Diego, California (the “Premises”). The Premises are the subject of a lease agreement, November 1, 2011, as amended on June 5, 2017, October 12, 2017, August 7, 2019, September 14, 2020, March 25, 2021, and May 22, 2023, by and between Kilroy Realty, L.P., a Delaware limited partnership (the “Landlord”), and Neurocrine, as tenant (the “Lease”). The Company expects the Premises will become its new corporate headquarters in August 2023.
The term of the Sublease commenced on July 21, 2023, and will end on July 31, 2031 (or on such earlier date as the term may sooner cease or expire as set forth in the Sublease).
The Company’s obligation for the payment of a fixed annual base rent for the Premises begins on the Commencement Date and will initially be $165,625.68 per month, provided that the base rent shall be abated from September 2023 to February 2024. After the first year, the base rent per month will increase annually by an amount equal to three percent (3%).
Neurocrine has the right to terminate the Sublease upon customary events of default and shall be entitled to exercise the rights and remedies reserved by Landlord in the Lease.
The foregoing description of the terms of the Sublease does not purport to be complete and is qualified in its entirety by reference to the full text of the Sublease, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 10.1 | Sublease Agreement, dated July 21, 2023, by and between the Company and Neurocrine Biosciences. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VENTYX BIOSCIENCES, INC. | ||
| By: | /s/ Raju Mohan | |
| Raju Mohan, Ph.D. | ||
| Chief Executive Officer | ||
Date: July 26, 2023