Idec’s Profit Falls 19% After Paying Genentech

Idec Pharmaceuticals Corp., which has agreed to merge with rival Biogen Inc., said quarterly profit fell 19% after it made a payment to research partner Genentech Inc.

Net income fell to $28.8 million, or 17 cents a share, from $35.4 million, or 20 cents, a year earlier. Revenue rose to $123.5 million from $97.1 million.

San Diego-based Idec said it made a $20-million payment to Genentech, which lowered profit. Sales were bolstered by Rituxan, which treats non-Hodgkin’s lymphoma.

Shares of Idec, which reported its financial results after the close of U.S. trading, fell 55 cents to $35.80 on Nasdaq.