|BioMed Realty Trust Commemorates Five-Year Anniversary as a Public Company|
Ringing NYSE Closing Bell(R) Today; Provides Tenant Update
SAN DIEGO, Aug. 6 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc.
(NYSE: BMR), The Leading Provider of Real Estate to the Life Science Industry®
, announced today that its board of directors and corporate officers will ring
The Closing Bell at the New York Stock Exchange on Thursday, August 6, 2009
at 4:00 p.m. Eastern Time to commemorate the fifth anniversary of the
company's initial public offering. The ceremony will take place at the New
York Stock Exchange, 11 Wall Street in New York City. BioMed's founders, Alan
D. Gold, Chairman and Chief Executive Officer, and Gary A. Kreitzer, Executive
Vice President, General Counsel and Director, will preside over the ringing of
The Closing Bell .
"This is a great day for our team," said Mr. Gold. "Through their hard,
smart work, our industry-leading team of professionals, now over 125 strong,
has consistently produced results well beyond the initial expectations we had
on that first day of trading in 2004, when we owned interests in just five
properties, representing less than 400,000 square feet and generating less
than $12 million in annualized base rents. Today, five years later, we have
assembled the industry-leading portfolio of life science real estate,
including 69 properties representing 10.5 million square feet and roughly $280
million in annualized base rents. While we are pleased with our progress to
date, we are even more excited about the future for BioMed and the opportunity
we see to create value for our shareholders, building on the strong foundation
that we have established."
Mr. Gold further noted, "We are very encouraged by the significant volume
of partnership transactions and capital raising we have observed in the life
science industry over the last several months, particularly within our tenant
portfolio. And while we remain very cautious with respect to the current
leasing environment, the recent capital raising successes from our tenants
serve as an indication that the primary mechanisms for funding the life
science industry appear to be functioning effectively. In particular we note
the continuing critical linkage between scientific advancements, capital
raising and the leasing of space."
Mr. Gold continued, "It is noteworthy that these capital raising events
extend across BioMed's tenant base. While research institutions, A-rated
public companies and larger, established public companies comprise the vast
majority - roughly 75% - of our tenant base, we are pleased to see healthy
capital raising activity from our mid-stage and early-stage tenants as well."
One-half of BioMed's top ten tenants are research institutions or A-rated
public companies, including Beth Israel Deaconess Medical Center, Children's
Hospital Boston, Genzyme Corporation, Centocor, Inc. (a Johnson & Johnson
subsidiary) and Schering Corporation. Each of BioMed's other top ten tenants
publicly announced significant capital raising transactions in recent months:
- On August 3, 2009, Human Genome Sciences, Inc., the company's largest
tenant, raised approximately $357 million in net proceeds from its
common stock offering.
- On July 30, 2009, Vertex Pharmaceuticals Incorporated, the company's
second largest tenant, announced that it will receive $105 million, in
addition to potential milestone payments, from the sale of
commercialization rights of telaprevir in Japan and other countries in
the Far East to Mitsubishi Tanabe Pharma Corporation, after announcing
its intention to sell certain future European milestone payments for
telaprevir aggregating $250 million earlier in July and raising
approximately $314 million in net proceeds from a common stock
offering in February 2009.
- On July 23, 2009, Regeneron Pharmaceuticals, Inc., the company's
fourth largest tenant, received a $20 million milestone payment from
Bayer Healthcare for initiation of a Phase III clinical trial.
- On May 4, 2009, Ironwood Pharmaceuticals, Inc., the company's sixth
largest tenant, entered into an agreement with Laboratorios Almirall,
S.A. to license the European rights to develop and commercialize
linaclotide, providing Ironwood pre-commercial licensing fees and
milestone payments totaling $95 million, including a $40 million
upfront licensing fee.
- On July 8, 2009, Arena Pharmaceuticals, Inc., the company's tenth
largest tenant, raised approximately $50 million in net proceeds from
a common stock offering. In addition, Arena entered into a $50 million
equity financing commitment and a $100 million secured loan in recent
Many of BioMed's other tenants and their affiliated companies have also
publicly announced significant financing transactions in 2009, some of which
- On May 27, 2009, Cephalon, Inc. raised approximately $288 million in
net proceeds from a common stock offering and issued $500 million in
convertible senior subordinated notes.
- On June 23, 2009, EpiCept Corporation raised approximately $9 million
in net proceeds from a common stock and warrants offering, after
raising approximately $25 million in gross proceeds from a public
offering of convertible senior subordinated notes and warrants in
- On February 19, 2009, InterMune, Inc. raised approximately $64 million
in net proceeds from a common stock offering.
- On June 12, 2009, MDRNA, Inc. raised approximately $9 million in net
proceeds from a common stock and warrants offering.
- On July 14, 2009, it was announced that sanofi-aventis, Novartis AG
and MedImmune, a subsidiary of AstraZeneca PLC, would receive
additional orders from the U.S. Department of Health and Human
Services of $813 million for swine flu vaccine ingredients.
- On June 25, 2009, Merck & Co., Inc., the parent company of BioMed's
tenant Aton Pharma, Inc., raised $4.25 billion from a public offering
of senior unsecured notes.
- On June 9, 2009, NanoString Technologies raised $30 million from a
private equity financing.
- On April 1, 2009, Novavax Inc. raised approximately $10 million in net
proceeds from the sale of common stock to a subsidiary of Cadila
Pharmaceuticals as part of a new strategic alliance.
- On July 20, 2009, OncoGenex Pharmaceuticals, Inc. raised approximately
$9 million in net proceeds from a direct common stock offering to
certain institutional investors.
- On July 22, 2009, Profectus BioSciences, Inc. raised $5 million in a
private equity financing.
- On July 7, 2009, Zosano Pharma, Inc. raised $30 million in a private
In addition, the company announced the early retirement of approximately
$44 million in mortgage notes secured by its Monte Villa Parkway (Bothell,
Washington), Bayshore Boulevard (Brisbane, California) and 9885 Towne Centre
Drive (San Diego, California) properties utilizing funds from the company's
unsecured line of credit, which had a weighted average interest rate of 1.4%
on the unhedged portion of the outstanding debt at June 30, 2009. As a result
of this transaction, and following the company's success in securing a new
$350 million mortgage financing for the Center for Life Science | Boston in
June, BioMed has no remaining consolidated debt maturities for the balance of
2009 and 2010.
The company also announced today the signing of a new lease at its Monte
Villa Parkway property with AVI BioPharma, Inc. (Nasdaq: AVII), a company
focused on the discovery and development of RNA-based drugs. AVI BioPharma has
agreed to lease approximately 19,000 square feet of laboratory and office
space, which was previously leased to MDRNA, Inc. MDRNA continues to lease the
remainder of the Monte Villa Parkway property, constituting approximately
32,000 square feet.
Kent Griffin, President and Chief Operating Officer of BioMed, commented,
"The actions BioMed has taken over the course of several months at Monte Villa
Parkway exemplify how we actively manage our portfolio and mitigate risk by
working closely with our tenants, as well as prospective tenants, to
understand their needs. In this case, we identified an opportunity and
executed on a series of transactions that enabled us to transition
underutilized space to a new tenant with attractive growth prospects and a
strong capital position. We are very pleased to support AVI BioPharma's
decision of relocating its headquarters to the Seattle area in order to
streamline its corporate operations and upgrade its capability to add new drug
candidates to its pipeline."
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused
on Providing Real Estate to the Life Science Industry . The company's tenants
primarily include biotechnology and pharmaceutical companies, scientific
research institutions, government agencies and other entities involved in the
life science industry. BioMed Realty Trust owns or has interests in 69
properties, representing 114 buildings with approximately 10.5 million
rentable square feet. The company's properties are located predominantly in
the major U.S. life science markets of Boston, San Diego, San Francisco,
Seattle, Maryland, Pennsylvania and New York/New Jersey, which have
well-established reputations as centers for scientific research. Additional
information is available at www.biomedrealty.com.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 based on current
expectations, forecasts and assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially. These
risks and uncertainties include, without limitation: general risks affecting
the real estate industry (including, without limitation, the inability to
enter into or renew leases, dependence on tenants' financial condition, and
competition from other developers, owners and operators of real estate);
adverse economic or real estate developments in the life science industry or
the company's target markets; risks associated with the availability and terms
of financing, the use of debt to fund acquisitions and developments, and the
ability to refinance indebtedness as it comes due; failure to manage
effectively the company's growth and expansion into new markets, or to
complete or integrate acquisitions and developments successfully; risks and
uncertainties affecting property development and construction; risks
associated with downturns in the national and local economies, increases in
interest rates, and volatility in the securities markets; potential liability
for uninsured losses and environmental contamination; risks associated with
the company's potential failure to qualify as a REIT under the Internal
Revenue Code of 1986, as amended, and possible adverse changes in tax and
environmental laws; and risks associated with the company's dependence on key
personnel whose continued service is not guaranteed. For a further list and
description of such risks and uncertainties, see the reports filed by the
company with the Securities and Exchange Commission, including the company's
most recent annual report on Form 10-K and quarterly reports on Form 10-Q.
The company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE BioMed Realty Trust, Inc.
CONTACT: Rick Howe
Director, Corporate Communications, of BioMed Realty