Biomed Realty Trust Inc (NYSE:BMR) announced that Illumina, Inc. (NASDAQ:ILMN), a world leader in genomics focused on improving human health by unlocking the power of the genome, has signed a 20-year lease for a 155,000 square foot new and innovative scientific research building in Cambridge, England. The project will provide Illumina a collaborative environment and access to the highly skilled workforce in the dynamic research cluster anchored by Cambridge University.
The project advances state-of-the-art design, with plans to be able to seamlessly expand by 70,000 square feet into a 225,000 square foot building. BioMed Realty acquired the land for the project from The Welding Institute under a long term ground lease, enlarging BioMed Realty’s Granta Park campus in Cambridge, England.
“Illumina and BioMed Realty’s commitment to building a new state-of-the art facility in Cambridge is great news for our area,” said George Freeman, UK Minister for Life Sciences. “This is a strong endorsement of the UK’s Life Science Industrial Strategy and leadership in driving forward better treatments for people with cancers and rare diseases.”
“Illumina is proud of its heritage and presence in the Cambridge area, and welcomes the opportunity to continue our strong investment in the UK,” said Marc Stapley, Chief Financial Officer for Illumina. “This new state-of-the-art European Headquarters will provide enhanced collaboration opportunities for our growing employee base, which is so foundational to Illumina’s innovation and success.”
BioMed Realty owns, manages and operates Granta Park, a scientific research center, located eight miles from Cambridge University and currently comprising 472,200 square feet of laboratory and office space. Last year, the company acquired a 42,400 square foot build-to-suit property in development for Takeda Pharmaceutical Company in the Cambridge Science Park. With today’s announcement of Illumina’s new building, BioMed Realty’s presence in the Cambridge, England market is approaching 700,000 square feet.
“BioMed Realty is delighted to announce that Illumina has selected Granta Park as its European headquarters and to be expanding our relationship with Illumina into Europe,” said Alan Gold, Chairman, President and CEO of BioMed Realty. “Cambridge shares key common characteristics with our core U.S. markets which is why we decided to enter the market and why we continue to grow there.” (Original Source)
Shares of Illumina opened today at $222.16 and are currently trading down at $220.55. ILMN has a 1-year high of $223 and a 1-year low of $145.12. The stock’s 50-day moving average is $207.57 and its 200-day moving average is $195.20.
On the ratings front, Illumina has been the subject of a number of recent research reports. In a report issued on May 26, BTIG analyst Dane Leone reiterated a Buy rating on ILMN, with a price target of $240, which represents a potential upside of 8.0% from where the stock is currently trading. Separately, on April 23, Tigress Financial’s Philip Van Deusen upgraded the stock to Buy .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Dane Leone and Philip Van Deusen have a total average return of 11.6% and 9.2% respectively. Leone has a success rate of 76.3% and is ranked #687 out of 3632 analysts, while Deusen has a success rate of 81.3% and is ranked #1295.
Illumina Inc providessequencing-and array-based solutions for genetic analysis. Itsproducts enabled researchers to explore DNA, helping them create the first map of gene variations associated with health, disease, and drug response.