BioMed raising cash is it wheels and deals on biotech campuses

BioMed Realty is on the march. In just the last day the real estate investment trust--which specializes in building, acquiring and operating facilities for biotech and pharma companies--unveiled plans to raise a fresh chunk of cash as it buys two South San Francisco biotech campuses and lays plans to build another life sciences building in Seattle.

The San Diego-based REIT (BMR) snapped up two biotech campuses in South San Francisco for $298 million. Together, the two campuses account for close to a half million square feet occupied by tenants like Elan and Genentech. And BioMed is blueprinting plans to expand the facilities there to a total of 1.23 million square feet.

The Seattle Times, meanwhile, reports that BioMed is contemplating a seven-story building project for the South Lake Union area. The new building would border Fairview Research Center, a biotech hub that BioMed acquired in 2008. On Wednesday BioMed announced that it will sell 13.5 million shares to help pay for its latest moves. Its shares were down 4.5 percent, to $17.60, in premarket trading.

- check out the report from the Seattle Times
- see the San Jose Business Journal story
- and here's the Chicago Tribune piece