IDEC Pharmaceuticals Purchases Site in San Diego for New Corporate Headquarters and Research Campus

Source Press Release
Company Biogen Idec 
Tags Investments in Infrastructure
Date October 09, 2001

San Diego, CA --October 9, 2001 -- IDEC Pharmaceuticals Corporation (NASDAQ: IDPH) announced today that it has purchased approximately 42.6 acres for its new corporate headquarters and research and development campus. The new location will be located north of Nobel Drive and west of Interstate 805 in University Towne Center. Financial terms of the land purchase were not disclosed.

It is anticipated that development will be undertaken for IDEC by Cisterra Partners, a San Diego-based developer. The campus could potentially expand to over 750,000 square feet of facilities. The first phase of construction is expected to be completed in late 2003.

“We are very excited to have chosen San Diego as the site of our future headquarters,” said Phil Schneider, IDEC’s chief financial officer. “We believe San Diego has proven to be one of the best locations in the United States for growing companies, especially in the biotech industry. Presently, our staff is dispersed in three separate buildings in the Torrey Pines Mesa area of San Diego.”

Schneider added: “We believe that a unified campus will provide the perfect environment for ongoing collaboration, achievement and development for our most valuable resource, our employees. In addition, this new headquarters, just off of Nobel Drive, will provide us with the space and amenities that we can utilize over the coming years.”

Meanwhile, development of IDEC’s future manufacturing and process development campus in Oceanside, California, is proceeding on schedule. Schneider said he expected construction of a new clinical manufacturing facility, IDEC’s first project in Oceanside, to begin in the first quarter of next year.

The new University Towne Center location was purchased from San Dieguito Partnership. IDEC was represented by Steve Bollert and Brent Jacobs of Burnham Real Estate Services. The seller was represented by Colliers International.

IDEC Pharmaceuticals focuses on the commercialization and development of targeted therapies for the treatment of cancer and autoimmune diseases.  IDEC’s antibody products act chiefly through immune system mechanisms, exerting their effect by binding to specific, readily targeted immune cells in the patient’s blood or lymphatic systems.

For a menu of IDEC’s current news releases and quarterly reports or to retrieve a specific release, call (888) 329-2309. On the Internet check the News Center at  IDEC’s website: .

The statements made in this press release contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from IDEC’s expectations. For example, the timing, success and cost of preclinical research and clinical studies, the timing, acceptability and review periods for regulatory filings, the timing of and ability to obtain regulatory approval of products, the achievement of future product sales, the level of manufacturing performance and the risk factors listed from time to time in IDEC’s SEC filings including but not limited to its Annual Report on Form 10-K for the year ended December 31, 2000 and Form 10-Q for the quarter ended March 31June, 2001 may affect the actual results achieved by IDEC. These forward-looking statements represent the company’s judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.

Source: Evaluate™
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