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Blackstone Strikes $1.5B Deal to Sell Life Science & Medical Assets
Ventas Inc. has agreed to acquire a group of medical and life-science properties from Blackstone Group LP for $1.5 billion. Ventas plans to buy most properties of Wexford Science & Technology LLC. Ventas will sell 9 million shares to help fund the acquisition.
Ventas’ purchase consists of 23 properties and two development sites. Tenants include Yale University, Wake Forest University and Alexion Pharmaceuticals Inc. Ventas has also entered into an agreement with Wexford, giving it exclusive rights to jointly develop additional projects. Wexford will continue to manage the properties.
The transaction provides Ventas “a unique opportunity to capitalize on increasing health-care-driven research and development spurred and supported by top-tier research universities,” said Ventas chairman and CEO Debra Cafaro in a statement.
- ◦Financing
- ◦Sale/Acquisition
