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Alexandria Real Estate Equities, BioMed, Baxter International, Mack-Cali Realty , Acorda Therapeutics

Alexandria, BioMed Report Strong Q1 Earnings
Two publicly traded laboratory owner-manager-developers reported strong first-quarter results earlier this month.
Alexandria Real Estate Equities saw its funds from operations rise 33 percent to $37.5 million during the first three months of 2007, compared with about $28.2 million for the same period last year, on revenues of $97.6 million, up 43 percent from the $68.3 million reported in the year-ago quarter.
BioMed reported its funds from operations nearly doubled during the first three months of 2007. FFO rocketed 89 percent to $34.2 million compared with $18.1 million in the first quarter of 2006, on revenues that rose 58.7 percent, to $69.5 million from $43.8 million in the year-ago quarter.

BioMed Inks $50M Sale-Leaseback of San Diego Properties
BioMed Realty Trust has closed on a $50 million purchase-leaseback deal with Arena Pharmaceuticals to buy from the company three San Diego buildings totaling 112,000 square feet, then lease 6114, 6118, and 6154 Nancy Ridge Drive to Arena for 20 years, with two consecutive five-year renewals.
Under the deal, announced by both companies May 3, Arena has the option to buy the buildings back on the 10th, 15th or 20th anniversary of the lease execution date.
In an SEC filing, Arena said BioMed would shell out an additional $16 million for those properties if the biopharmaceutical company completes undisclosed improvements to the properties.
Base rent for the buildings will start at $376,115 per month, then rise 2.5 percent a year, Arena disclosed.
The deal also gives BioMed an option to buy in 2012 three additional Arena-owned buildings totaling 68,000 square feet – 6122, 6124, and 6126 Nancy Ridge Drive – as well as rights to develop an additional 84,000 square feet.
The sale-leaseback is set to close during the second quarter.
Arena develops oral drugs intended to treat cardiovascular, central nervous system, inflammatory, and metabolic diseases.

Baxter Purchases Certificates to Offset Headquarters Electric, Gas Use
Baxter International has purchased in recent weeks renewable energy certificates equivalent to the 15.5 million kilowatt-hours of electricity used annually at its corporate headquarters campus in the Chicago suburb of Deerfield, Ill.
Baxter, a manufacturer of biopharmaceutical products, medications, and medical devices, purchased the certificates from Baltimore-based Constellation NewEnergy, which, in turn, purchased renewable wind energy from a network of wind power generators across the country.
In an April 25 announcement of the purchase, Baxter acknowledged the headquarters will not directly receive power from the generators, but said its investment in renewable energy certificates provided an economic incentive for the generators to increase the supply of renewable energy elsewhere in the country.
Baxter Chairman and Chief Executive Officer RobertL. Parkinson, Jr. noted that many of his company’s facilities use alternative energy sources such as solar, biodiesel, and biomass. Parkinson said these initiatives are not currently practical at the company's headquarters campus, which covers 100 acres and includes 654,000 square feet of office space housing about 1,500 employees.
The headquarters campus uses electricity for 98 percent of its energy needs. The remaining 2 percent comes from natural gas. To offset the emissions associated with Baxter's natural gas use, the company has purchased credits on the Chicago Climate Exchange, of which the company is a co-founder.
Parkinson maintained that Baxter remains committed to promoting sustainability and renewable energy.
“Sustainability and profitability are not mutually exclusive. In fact, they are closely intertwined and reinforcing. The sooner we all recognize this, the better – for business and society," Parkinson said, addressing nearly 600 attendees during his April 25 keynote address at the 2007 Ceres Conference in Boston, where he announced the renewable energy purchase.

Mack-Cali Confirms Acorda Expansion-Renewal Lease Deal
Mack-Cali Realty included Acorda Therapeutics’ expansion-renewal lease for its Hawthorne, NY, headquarters — first reported April 30 by BioRegion News — in a roundup of completed first-quarter leases accompanying its May 3 press release on its first-quarter results.
Acorda signed a 32-month lease for 8,162 square feet of new space, as well as a 23-month extension of an existing lease for 30,060 square feet at 15 Skyline Drive, in Mack-Cali’s Mid-Westchester Executive Park, the REIT announced. The 55,000-square-foot office/flex building is 88.2 percent leased, Mack-Cali said.

The Scan

Pig Organ Transplants Considered

The Wall Street Journal reports that the US Food and Drug Administration may soon allow clinical trials that involve transplanting pig organs into humans.

'Poo-Bank' Proposal

Harvard Medical School researchers suggest people should bank stool samples when they are young to transplant when they later develop age-related diseases.

Spurred to Develop Again

New Scientist reports that researchers may have uncovered why about 60 percent of in vitro fertilization embryos stop developing.

Science Papers Examine Breast Milk Cell Populations, Cerebral Cortex Cellular Diversity, Micronesia Population History

In Science this week: unique cell populations found within breast milk, 100 transcriptionally distinct cell populations uncovered in the cerebral cortex, and more.