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Print Edition StoriesThursday, January 15, 2009
Vertex puts Boston move on hold, extends Cambridge leases
Rodney Brown on NECN: Hacking into medical devices
In their own words: Tod Woolf, CEO, RXi Pharmaceuticals Corp.
Live from BIO 2008: Josh Boger, president and CEO, Vertex Pharmaceuticals Inc.
Vertex Pharmaceuticals Inc. has penned a pair of lease extensions in Cambridge with the sites’ owner, BioMed Realty Trust Inc. of San Diego. The deal comes a couple of months after it was reported that the company’s plans to move to Fan Pier in Boston were in trouble.
The two leases add up to more than 292,000 square feet at BioMed’s 40 Erie St. — Vertex’s corporate headquarters — and 200 Sidney St. properties. Both leases now extend through Dec. 31, 2015.
Vertex (Nasdaq: VRTX) said in November that its plans to move to the South Boston waterfront hinged on the capital markets loosening up and Vertex gaining for approval for a key drug. Vertex first signed an agreement in July to move the biotech company and its 894 employees in Cambridge to a 500,000-square-foot, two-building facility at Fan Pier.
In October, Vertex reported encouraging results from the 28-day, second part of a Phase 2a clinical trial of the company’s oral drug VX-770 to treat cystic fibrosis patients who have a particular protein mutation, the G551D CFTR mutation.
For the fiscal quarter ending Sept. 30, 2008, Vertex reported a loss of $130 million on revenue of $31 million. Vertex reported a 2007 net loss of $391.3 million on revenue of $199 million.
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