ID Biomedical Inks Sale-Leaseback with Alexandria

VANCOUVER-The locally headquartered vaccine maker ID Biomedical Corporation has inked sale-leaseback agreements with life science REIT Alexandria Real Estate Equities for two of its facilities. Pasadena, CA-based Alexandria will pay $40.8 million for R&D facilities totaling 128,000 sf in Laval, Quebec and Northborough, MA. In return, ID Biomedical will lease them back for 15 years, not including three five-year extension options. The companies expect to close the transactions by the end of January.A source at ID Biomedical tells GlobeSt.com the assets involved in the transaction came with the company’s $120-million purchase of the vaccine business of Basingstoke, UK-based Shire Pharmaceuticals Group plc. That transaction closed in September. ID Biomedical has no plans to “monetize” any other real estate assets at this time, according to the company source.The facility in Laval contains 68,000 sf of floor area and the facility in Northborough contains 60,000 sf of floor area, according to the source. ID president Todd Patrick says the transactions will give the company access to additional capital to invest in its R&D and commercial programs. “Securing long-term leases allows us to continue to pursue our business activities as normal …,” he said.ID Biomedical has a leading position in the Canadian influenza market. The company supplies about 75% of the Canadian government’s influenza vaccine purchases. In addition, it received a 10-year mandate from the Government of Canada in 2001 to assure a state of readiness in the case of an influenza pandemic such that it can provide influenza vaccine for all Canadians in such an event. Alexandria develops, owns and manages properties designed and improved for lease primarily to pharmaceutical, biotechnology, life science product, service, biodefense, educational and translational medicine institutions and entities, as well as related government agencies. Alexandria currently owns and operates 112 properties comprising approximately 7.4 million sf.