IDEC Pharmaceuticals Announces Extension of Its Collaborative Agreement With Seikagaku Corporation for IDEC-152 In Allergic Asthma and Other Allergic Diseases

(BW HealthWire) — IDEC Pharmaceuticals Corporation (NASDAQ: IDPH) announced today that it had entered into an extension of its collaborative research agreement with Seikagaku Corporation to support the full clinical development of IDEC-152, its anti-CD23 monoclonal antibody in allergic asthma and other allergic diseases. Financial terms of the entire collaborative agreement are valued at approximately $60 million, subject to the attainment of product development objectives.

The original collaborative agreement, entered into in December 1994, granted Seikagaku an exclusive license in the entire world, except in North America, Central America and South America, to develop and commercialize IDEC-152 (anti-CD23) antibody products. In exchange, Seikagaku will pay IDEC royalties on sales of anti-CD23 antibody products in Seikagaku’s exclusive territories. Under the terms of this new collaborative agreement Seikagaku will share in IDEC’s costs related to the clinical development of IDEC-152 through the filing of a Biologics Licensing Application.

“By extending our original research agreement with Seikagaku, we now have the opportunity to jointly develop therapeutics in this disease category and to satisfy the unmet medical needs of allergic asthma patients worldwide,” said William R. Rohn, IDEC’s President and Chief Operating Officer.”

IDEC-152, a PRIMATIZED(R) anti-CD23 monoclonal antibody, has the potential to decrease the body’s response to allergens, thereby affecting diseases related to asthma and allergic disorders through binding to the CD23 receptor. IDEC-152 may favorably influence asthma through its selective regulation of IgE production and its inhibition of other inflammatory pathways.

About IDEC Pharmaceuticals

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:

Seikagaku Corporation

Seikagaku Corporation is a pioneer and leader in the field of glycosciences. Sodium Hyaluronate injection, Supartz(R), which was developed based on the company concept focusing on the glycoconjugates, is a first specialty for osteoarthritis and now on the market in 19 countries, including the USA. In addition, Seikagaku is engaged actively in the collaborative research with companies who have innovative technologies particularly in the areas of allergy and inflammatory diseases.

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, 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.

IDEC Pharmaceuticals and PRIMATIZED are registered U.S. trademark of the company. The company is headquartered at 3030 Callan Road, San Diego, CA 92121.CONTACT: IDEC Pharmaceuticals Corporation Vince Reardon, Director, Corporate Communications 858/431-8656

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