Company officials were not available for comment, but a filing made yesterday by BioMed said the firm will use the net proceeds of the offering to repay a portion of its outstanding debt under its existing $500 million revolving credit facility.
BioMed's stock rose .32 cents to $29.66 yesterday on the New York Stock Exchange on a volume of just under 1.7 million shares. With the firm's offering, BioMed is granting underwriters a 30-day option to purchase up to nearly 1.1 million shares to cover any potential over-allotments.
According to BioMed's filing, Raymond James & Associates Inc. is the sole book-running manager for the offering. Co-managers include: Morgan Stanley & Co., KeyBanc Capital Markets, Wachovia Capital Markets LLC, RBC Capital Markets, Stifel, Nicolaus & Co. and Robert W. Baird & Co.
In addition, BioMed will continue its recent aggressive buying spree, with two more deals set to close this year. The first property is at 10835 Road to the Cure in San Diego. The firm will acquire the site for $23.3 million, including the assumption of $15.7 million of debt.
The 64,800-sf site consists of a two-story laboratory facility. The deal is set to close in the third quarter.
The second buy is the $23.1 million acquisition of 3545-3575 John Hopkins Court. The 69,900-sf property includes a two-story office and laboratory building. The deal is also set to close in the third quarter.
Earlier this year, BioMed grew its portfolio significantly, with a couple of major buys. In a June deal, the firm paid $215 million for Sun Microsystems' largest campus, a 10-building, 1.4 million-sf site in Newark, CA. The property also includes land with another 400,000 sf of developable space.
In May, BioMed acquired the portfolio of Rockville, MD-based Human Genome Sciences Inc. According to public records, BioMed paid $425 million for the HGS properties. The portfolio deal includes 925,000 sf of existing laboratory, office and manufacturing space. BioMed also gained HGS' newly constructed corporate headquarters and additional land that is entitled for over 500,000 sf of potential office and laboratory development.
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