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OCEANSIDE, CA-After announcing that a deal was in the works last month, San Francisco-based Genentec Inc. has finalized its plans to acquire a manufacturing plant from Biogen Idec for $408 million or roughly $816 per sf. The 501,690-sf facility sits on 60 acres and counts 90,000 liters of bioreactor capacity.”This acquisition will position us to improve delivery of life-extending and life-improving therapies. We expect the facility will play an important role in helping us deliver against our aggressive production plan,” says Patrick Y. Yang, Genentech’s senior vice president, product operations.Completed in December, the facility and its former owner hit a snag when Biogen’s multiple sclerosis drug, Tysabri, was pulled from the market in February, when the drug was linked to killing two people. The plant was primarily developed for the manufacture of Tysabri.Genentec, the world’s largest biotech firm plans to manufacture Avastin, an anti-cancer drug at the facility. Production of the drug is set to begin at the site as early as 2006. With FDA licensure at the site expected during the first half of 2007.Currently, 430 Biogen employees work at the plant. As part of the agreement, Genentec will offer roughly 330 of the personnel a job at the facility and will hire another 200 by the end of 2006.Also yesterday, Genentec announced that it will offer up to $2 billion in five-year, 10-year and 30-year senior notes. The firm will use part of the proceeds to fund upgrade and start-up costs at the Oceanside facility.

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