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BioMed Realty Trust (BMR) Stock Climbs on $8 Billion Blackstone Acquisition

NEW YORK (TheStreet) -- Shares of BioMed Realty Trust (BMR - Get Report) are up by 8.57% to $23.44 at the start of trading on Thursday morning, after Blackstone (BX) acquired the company for $8 billion in cash.

The deal is for $23.75 per share, a 10% premium over BioMed's closing price on Wednesday.

The deal is expected to close in the first quarter of next year.

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BioMed owns properties in the drug development and life science industries.

"Demand for high-quality, institutional real estate to support the unprecedented growth of the life science industry is at historic levels as demand is outpacing supply in all of our core innovation districts," said BioMed CEO Alan Gold. "However, we believe that the public markets are not adequately valuing our assets and proven business model. Entering into this...