Genentech has agreed to pay some $408 million dollars to buy a manufacturing facility from Biogen Idec that the latter had reportedly slated for making its highly-touted mutiple sclerosis drug, Tysabri (natalizumab), which has been pulled from the market [[01/03/05a]].

The transaction is subject to various closing conditions, but is expected to close as early as June 23. Under terms of the deal, Genentech will pay Biogen Idec approximately $408 million in cash for the 60-acre, 500,000 square-foot facility, and hopes to begin manufacturing its anti-cancer drug, Avastin (bevacizumab), there in 2006.

Biogen Idec expects to incur charges in the range of approximately $50 to $57 million, after income tax, in connection with the sale.