SAN DIEGO, April 9, 2012 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today the signing of a new ten-year lease with Depomed, Inc. (NASDAQ: DEPO) at its Pacific Research Center campus in Newark, California. Depomed, a specialty pharmaceutical company, leased approximately 60,000 square feet of space at Pacific Research Center North on BioMed Realty's multi-tenant Pacific Research Center campus.
Commenting on their relocation to the Pacific Research Center, Jim Schoeneck, Depomed's President and Chief Executive Officer, said, "We are excited about our move later this year to the Pacific Research Center. The combination of a vibrant, accessible campus and BioMed Realty's specialty expertise in understanding and operating life science real estate was certainly a factor in our decision to become part of the life science community at PRC."
Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty, said, "We are very pleased that Depomed has chosen the Pacific Research Center as its new corporate headquarters and research facility. The PRC campus will provide the ideal environment for the Depomed team to support the commercialization of Gralise™ which was launched in October 2011, and to continue its efforts to build a successful specialty pharmaceutical company. We look forward to building a long-term partnership with Depomed at PRC and supporting their groundbreaking research for years to come."
Over the past 18 months, BioMed Realty has leased over 660,000 square feet of laboratory, office and manufacturing space at the Pacific Research Center, which includes Pacific Industrial Center, Pacific Research Center North and Pacific Research Center South.
Depomed, Inc. is a specialty pharmaceutical company with two approved and marketed products. Gralise™ (gabapentin) is a once-daily treatment approved for the management of postherpetic neuralgia (PHN). Glumetza® (metformin hydrochloride extended release tablets) is approved for use in adults with type 2 diabetes and is commercialized by Santarus, Inc. in the United States. Depomed formulates its products and product candidates with its proven, proprietary Acuform® drug delivery technology, which is designed to improve existing oral medications, allowing for extended release of medications to the upper gastrointestinal tract when dosed with food. Additional information about Depomed may be found on its website, www.depomed.com.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty owns or has interests in properties comprising approximately 12.7 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, San Diego, Maryland, New York/New Jersey, Pennsylvania and Seattle, which have well-established reputations as centers for scientific research. Additional information is available at www.biomedrealty.com.
BioMed Realty Trust Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the life science industry or the company's target markets; risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments, and the ability to refinance indebtedness as it comes due; failure to maintain the company's investment grade credit ratings with the ratings agencies; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; reductions in asset valuations and related impairment charges; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; potential liability for uninsured losses and environmental contamination; risks associated with the company's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the company's dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the company with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE BioMed Realty Trust, Inc.