SAN DIEGO – Biosite Incorporated (Nasdaq:BSTE) announced today announced plans to move and expand its corporate headquarters in San Diego. The Company is in escrow to purchase approximately 34.7 acres located in Fenton Technology Park in the Miramar area of San Diego. The purchase price for the land is approximately $27.5 million.
“Plans for our new facility are aligned with our long-term growth expectations,” said Kim Blickenstaff, Biosite president and chief executive officer. “The new headquarters will provide us with up to 800,000 square feet of space, which should meet our needs for at least the next ten years. Furthermore, we will be able to centralize our operations, which are currently spread out over seven buildings.” Blickenstaff added: “Bringing all of our employees together into an organized campus will provide a better environment for our research development and manufacturing activities.”
There are various contingencies that remain before the close of escrow, but Biosite and the seller, H.G. Fenton Company, believe that these will be resolved. Close of escrow is expected to occur by the end ofthe first quarter of 2003. The Company expects the first phase of construction to be completed in 2004.
A leader in the drive to advance diagnosis, Biosite Incorporated is a research-based company dedicated to the discovery and development of novel protein-based diagnostic tests that improve a physician’s ability to diagnose debilitating and life-threatening diseases. The Company combines integrated discovery and diagnostics businesses to access proteomics research, identify proteins with high diagnostic utility, develop and commercialize products and educate the medical community on new diagnostic approaches that improve health care outcomes. Biosite’s Triage® rapid diagnostic tests are used in 50 percent of U.S. hospitals and in 40 international markets. Information on Biosite can be found at www.biosite.com.
Founded in 1906, the H.G. Fenton Company is one of San Diego’s largest private real estate owners and developers with several hundred acres of land, 2.6 million square feet of industrial, warehouse and office space, and 2,119 apartment units. H.G. Fenton Company is committed to strategically growing its income property portfolio through development for its own account as well as the acquisition of well-located existing properties throughout the county.
H.G. Fenton Company offices are located at 7588 Metropolitan Dr. in the company’s Mission Valley Heights project in San Diego.