BioMed Realty prices public offering of 15M shares

BioMed Realty expects to raise about $321M through public offering of 15M shares

Associated Press

SAN DIEGO (AP) -- Real estate investment company BioMed Realty Trust Inc. on Wednesday priced its public offering of 15 million shares of common stock at $21.40 per share for gross proceeds of about $321 million.

The price represents a 2 percent discount to the San Diego company's closing stock price on Tuesday. The offering is expected to close on or about next Tuesday. The company also granted the offering's underwriters a 30-day option to buy up to an additional 2.3 million shares.

BioMed said it plans to use some the offering's net proceeds to fund part of its pending acquisition of Wexford Science & Technology LLC, pay down debt and for other general corporate purposes.

Biomed invests in real estate projects, with a focus on office space for biotechnology and pharmaceutical companies. In late morning trading, its shares fell 19 cents to $21.65. They have traded in a 52-week range of $17.52 to $22.30.