Karyopharm trades Natick HQ for Newton address
Karyopharm Therapeutics, the Natick-based biotechnology startup that’s developing new cancer treatments for people and animals, is relocating its corporate headquarters to Newton.
The company, which launched a successful IPO in the fall, will leave Natick at the end of July and will not have a significant presence in Natick following the move, according to Paul Brannelly, senior vice president of finance and administration at Karyopharm.
Newton lease deal is 87 months
A lease agreement filed with the U.S. Securities and Exchange Commission (SEC) shows Karyopharm signed an 87-month lease deal in March with the landlord of the Newton site, NS Wells Acquisition LLC. Karyopharm will pay a base rent of $505,980 four months into the lease, and that rate will rise each year until it reaches $897,990 in the final year of the agreement.
Normandy Real Estate Partners manages the Wells Avenue property. According to the Normandy website, the future Karyopharm offices will be located in a three-story building situated on more than 21 “park-like acres” on Charles River Conservation land. The building is being renovated, according to Normandy, and offers nearly 800 parking spaces and ample access to Route 128.
SVP: Natick options were 'limited'
Launched in 2009, Karyopharm’s corporate headquarters are located at 2 Mercer Rd. in Natick, in an office building located behind the Sherwood Plaza Shopping Center on the eastbound side of Route 9.
But according to the company’s most recent 10-K report filed with the SEC, Karyopharm’s Mercer Road lease is set to expire Jan. 1, 2015. At 7,743 square feet, the Natick offices are considerably smaller than the Newton space.
“In order to accommodate our expected need for additional office and laboratory space, we intend to enter into an agreement to lease approximately 29,933 square feet of office and laboratory space,” the report said.
Brannelly said in an e-mail that the company first looked for space in Natick, but struggled to find a suitable location.
“There were limited options for space that would meet our needs ... therefore, we expanded to surrounding areas,” Brannelly said. “(Newton) offered a good mix of affordable space and (a good) location for our employees.”
The company’s laboratory will move from Natick to Newton later this year, according to Brannelly. After that, Karyopharm will no longer have operations in Natick, though it will continue a “strong relationship” with SBH Sciences, a contract research organization located next door to its current headquarters.
Move follows milestones
Karyopharm’s success in developing treatments and raising cash to support operations has gained momentum over the last several months. The company, which employs about 40, raised $125 million it its IPO last fall, an amount that exceeded Karyopharm executives’ expectations.
And on Monday, the company said it had raised $121 million in a public stock offering, with the proceeds to be used to fund ongoing and new clinical trials for its leading drug candidate, Selinexor.
Meanwhile, Karyopharm in May announced it had received federal orphan drug designation for Selinexor, which is designed to treat acute myeloid leukemia. Orphan drug status, which is reserved for drugs that treat a small number of patients, provides a host of benefits, including an accelerated approval process, seven years of market exclusivity, and eligibility for certain tax credits and grants.
Image source: FreeDigitalPhotos.net
WBJ Web Partners
Most Recent
Most Recent
0 Comments