Array BioPharma gains from $32 million real estate transaction

By Lisa Kerner

Charlotte, N.C., June 22 - Array BioPharma Inc. said it will raise $32 million in net cash from selling and leasing back its Boulder and Longmont, Colo., facilities.

The transaction will be with BioMed Realty Trust, Inc., a real estate investment trust, and the leases will run through 2016.

Array will keep its headquarters in Boulder and continue operating its 228,000-square-foot research facilities in Boulder and Longmont.

"We're pleased to have secured space that accommodates Array's long-term growth plans and the $32 million in additional capital to help us advance our promising drug pipeline," chief executive officer Robert E. Conway said in a company news release.

Array BioPharma discovers, develops and commercializes targeted small molecule drugs to treat life threatening and debilitating diseases.

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