SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

On April 27, 2018, the Company entered into a seventh amendment (the “Amendment”) to its Cambridge, Massachusetts headquarters lease which extended the original term of the lease to September 30, 2025 and increased the total rental space by approximately 63,698 square feet. The Company expects to incur an incremental $54.4 million in rent expense as a result of the Amendment through the remainder of the extended lease term.

On May 3, 2018, the Company and Myonexus Therapeutics, Inc. (“Myonexus”) entered into a warrant to purchase common stock of Myonexus, which, in combination with amendments to the Myonexus certificate of incorporation, provides the Company with an exclusive option to acquire Myonexus. The Company may exercise the option at any time prior to the 60th day after Myonexus: (i) completes a successful biopsy analysis on each of the patients within cohort 2 capable of providing a biopsy at the end of the 60-day period of Myonexus’ Phase 1/2A clinical trial of MYO-101, and (ii) provides the Company with the study’s final biopsy results, subject to certain conditions. The Company is liable for a $60 million non-refundable up-front payment upon execution of the agreement and may be obligated to make up to $45 million in development milestone payments. An additional payment would be required if and when the Company exercises the exclusive option to acquire Myonexus.