Idec has shelled out $9.1 million for the land, known as parcels 19 and 20, which are located in the 293-acre Ocean Ranch Corporate Centre. Encompassing a total of 27.72 acres, the recent purchases will complement the pharmaceutical company's existing land holdings in the complex, as Idec owns an additional 60 acres here that it had acquired in a separate transaction more than two years ago. All of the land is being used for current and future expansion, with the company currently at work building a 490,000-sf manufacturing facility in the complex.

Steve Bollert of Burnham Real Estate Services acted on behalf of Idec in the recent transaction. The seller, Ivey Ranch Development Co. LLC, was represented by David Onosko and Ron King of Coldwell Banker Commercial-North County Properties.

Idec specializes in the discovery, development, and commercialization of targeted immunotherapies for the treatment of cancer and autoimmune diseases. The company reported total revenues of $103.7 million and net income of $38.4 million for the third quarter of 2002. Revenues for the third quarter of 2002 included $98.6 million recorded for Idec's joint business arrangement with Genentech for the commercialization of Rituxan(R) (Rituximab) that IDEC co-promotes in the United States with Genentech, as well as $5 million in US net sales of Zevalin(TM) (ibritumomab tiuxetan) that Idec markets alone in the US.