SAN DIEGO and BALTIMORE, June 3, 2013 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) and Wexford Science & Technology, LLC announced today that they have completed their previously announced merger. The Wexford Science & Technology platform will operate as a wholly-owned subsidiary of BioMed Realty, developing institutional quality life science real estate for academic and medical research organizations with specialty expertise in urban development and redevelopment of life science real estate.
Commenting on the merger, Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty, said, "The Wexford team developed the highly successful model for university development and brings a wealth of expertise, creativity and relationships in meeting the real estate needs of the academic and medical research communities. Their extensive industry knowledge, outstanding reputation and depth of relationships throughout academic circles are an ideal fit with the BioMed Realty team of professionals dedicated to serving the needs of the life science industry."
James Berens will continue to lead Wexford Science & Technology as its president. Mr. Berens added, "We at Wexford Science & Technology are very pleased to join the BioMed Realty team. Our combined core competencies – BioMed Realty's distinctive fully integrated operating platform, investment accumen and access to capital and Wexford's fully integrated development capabilities – create tangible opportunities to grow via access to new markets and relationships. We look forward to making an immediate impact and being a significant contributor to the combined company's future success."
The aggregate consideration for Wexford Science & Technology at the close of the transaction was approximately $672 million. This total reflects the estimated initial consideration of $640 million adjusted for additional construction and development costs incurred since March 26, 2013, the date of the merger agreement, and the value of common stock and operating partnership units issued by BioMed Realty as consideration.Approximately $192 million in debt at fair value, net of restricted cash reserves, is being assumed by BioMed Realty. BioMed Realty issued approximately 5.9 million shares of common stock and operating partnership units to the sellers at close with the balance of the merger consideration paid in cash. Goldman, Sachs & Co. acted as financial advisor to the primary shareholder of Wexford Science & Technology. Morgan Stanley acted as financial advisor to BioMed Realty. Stifel acted as financial advisor to Wexford Science & Technology.