Genentech Speeds-Up Investment In IDEC

US biotechnology major Genentech has accelerated its purchase of an additional $7.5 million in shares of IDEC Pharmaceuticals' convertible preferred stock, under the terms of the original agreement between the two companies for IDEC-C2B8, an immunotherapeutic for the treatment of non-Hodgkin's B-cell lymphomas (Marketletters passim).

This stock purchase was originally scheduled to coincide with the public presentation of complete Phase III clinical results for IDEC-C2B8, currently anticipated for December of this year. With this latest investment, Genentech has now completed its purchase of IDEC stock. IDEC president and chief executive William Rastetter noted his pleasure at the speed-up, saying this confirms Genentech's "confidence in our IDEC-C2B8 program" in accelerating by more than six months a significant investment in the company.

Earlier this month, IDEC announced it had filed a registration statement with the US Securities and Exchange Commission for a public offering of 1.5 million primary shares of common stock.