Adagio Medical Terminates Facilities and Services Agreement with Fjord Ventures

Adagio Medical Holdings, Inc. (NASDAQ: ADGM) announced on January 30, 2025, the termination of its Facilities and Services Agreement with Fjord Ventures LLC. The agreement, dated June 1, 2011, outlined various services provided by Fjord to Adagio Medical, including employee benefits plan administration, administrative support, IT services, and office space provision. The termination notice, in compliance with the agreement’s outlined provisions, sets the termination date as July 30, 2025, signifying 180 days from January 31, 2025. The termination decision was underpinned by Adagio Medical no longer requiring the services outlined in the agreement.

Furthermore, in addition to the terminated agreement, Adagio Medical sub-leases about 4,992 square feet of office and manufacturing space in Laguna Hills, California, from Fjord. This sub-lease expired on March 31, 2024. Despite the termination, Adagio Medical has shown willingness to engage in discussions with Fjord for potential future agreements relating to ongoing services or facility space needs beyond the termination date.

The termination of the Facilities and Services Agreement marks a strategic decision by Adagio Medical as it aligns its operational requirements and services needs moving forward. For any further developments regarding potential agreements with Fjord or updates on facility needs, investors and stakeholders can look forward to forthcoming announcements from Adagio Medical.

This news follows Adagio Medical’s commitment to optimizing its operational structure and resource allocation, in line with its strategic objectives moving forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Adagio Medical’s 8K filing here.

Adagio Medical Company Profile

Adagio Medical Holdings, Inc, a developmental stage medical device company, focuses on the development and commercialization of ablation technologies for the treatment of cardiac arrhythmias. It offers treatment for cardiac arrhythmias, including atrial fibrillation, atrial flutter, and ventricular tachycardia.