July 20, 2018

Woburn biotech to spend $20M to occupy vacant Framingham building

Zachary Comeau
The former MetroWest Daily News building was cleaned out in December shortly after the staff moved to a smaller Framingham office.

A Woburn-based biotech developing new cancer treatments is planning to spend $20 million to renovate 63,000-square-feet of space in a vacant Framingham building.

Replimune hopes to raise $100 million to help fund its expansion and other business operations through an initial public offering launched Friday that is expected to close July 24.

The company will take up more than half of the 100,000-square-foot building at 33 New York Avenue, formerly the home of the MetroWest Daily News. Replimune said it has signed a 10-year lease with King Street Properties, the Cambridge-based real estate developer that purchased the building in February for $9.3 million.

The lease calls for an annual base rent of almost $2.4 million in year one, and $3.1 million in year 10.

Replimune, founded in 2015, describes itself as a company developing the next generation of oncolytic immunotherapies to improve the direct cancer-killing effects of selective virus replication and the potency of the immune response to tumor antigens.

Its public offering includes 6.7 million shares of its common stock at a price of $15 per share. The company will be listed on the New York Stock Exchange under the symbol "REPL".

At that price, the company would be valued at 462.6 million.

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