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GENSIA ANNOUNCES PURCHASE OF NEW HEADQUARTERS AND RESEARCH FACILITIES

 SAN DIEGO, March 12 /PRNewswire/ -- Gensia Pharmaceuticals Inc. (NASDAQ: GNSA) today announced that it has purchased real estate which will become its corporate headquarters and centralized research and development facilities. The property is part of the Nexus Technology Centre, located in the University Towne Centre area of San Diego and is composed of two buildings located on approximately nine acres of land. The purchase price of the property was $10.8 million. The company is initially funding the purchase price out of internal funds, although it is in discussions with third parties regarding outside financing of both the purchase price and the subsequent improvements Gensia intends to make to the facilities.
 According to David F. Hale, chairman, president and chief executive officer, "We are pleased to be in a position to make this long-term commitment to the growth of Gensia in San Diego. The decision was made after a considerable amount of research into other areas and with help from the Economic Development Corp. in assessing the benefits of staying in San Diego. We believe that our new mayor, Susan Golding, is committed to helping create an environment in the city of San Diego where the biomedical industry can grow and develop. With the support of members of the City Council and the City staff, and with the help of the Biomedical Industry Council and The Chamber of Commerce, we are optimistic about San Diego as our corporate headquarters and look forward to creating additional employment opportunities as we develop new pharmaceutical products."
 "This is an exciting new development for San Diego. I am pleased and proud of the fact that Gensia is making a permanent investment in San Diego. Today's action by Gensia helps us send a powerful message to other companies around the country that may be contemplating expansion or relocation to San Diego," said Golding.
 One building is a three-story, 75,000-square-foot finished office facility, which will become home to the company's clinical development, regulatory, sales and marketing and administrative personnel. The office building is partially leased; Gensia employees will move in as space becomes available. The second building is a 75,000-square-foot unfinished structure which will be built out primarily as laboratory space for Gensia's basic research operations. Construction on the new facility will begin immediately and is estimated to be completed in one year. In addition to the existing buildings, the property includes an excavated site for a third, 125,000-square-foot building which the company has plans to develop in the future as an administrative facility.
 The acquisition of the property will enable Gensia to house its San Diego employees in one centralized location. Gensia currently leases a laboratory facility adjacent to the new property, as well as five other buildings in Sorrento Valley. The company has approximately 250 employees in San Diego and facilities in Orange County and outside of London.
 The real estate transaction was handled by Ken Satterlee and Steve Bollert of John Burnham & Co.
 Gensia Pharmaceuticals is a San Diego-based biopharmaceutical company formed to discover, develop, manufacture and market novel pharmaceutical products for the treatment and diagnosis of human diseases.
 -0- 3/12/93
 /CONTACT: Elizabeth A. Gard of Gensia Pharmaceuticals, 619-546-8300/
 (GNSA)


CO: Gensia Pharmaceuticals Inc. ST: California IN: MTC SU: RLE

LS-KJ -- SD002 -- 5674 03/12/93 17:20 EST
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Publication:PR Newswire
Date:Mar 12, 1993
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