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                                                                    EXHIBIT 99.2
 
COMPANY PRESS RELEASE
 
IDEC PHARMACEUTICALS ANNOUNCES OFFERING OF ZERO COUPON CONVERTIBLE NOTES
 
     SAN DIEGO -- (BW HealthWire) -- Feb. 2, 1999 -- IDEC Pharmaceuticals
Corporation (Nasdaq: IDPH -- news) today announced that it intends, subject to
market and other conditions, to raise approximately $100 million (excluding
proceeds of the over-allotment option, if any) through an offering of 20-year
convertible zero coupon subordinated notes due 2019.
 
     IDEC expects that the proceeds from the offering will be used for general
corporate purposes, including, but not limited to funding U.S. licensing
applications for IDEC-Y2B8 and, if approved, commercialization of IDEC-Y2B8 in
the United States; financing strategic acquisitions of products, product
candidates, technologies or other businesses; financing the expansion of our
facilities, including but not limited to design and engineering costs for
expansion of IDEC's manufacturing facility; potentially funding research and
development activities through off-balance sheet transactions; and funding
general working capital requirements.
 
     This press release does not constitute an offer to sell or the solicitation
of an offer to buy the notes, nor shall there be any sale of the notes in any
state in which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of such states. Any
offers of the securities will be made only by means of a private offering
memorandum. The offered securities will not be registered under the Securities
Act of 1933, as amended, or applicable state securities laws, and may not be
offered or sold in the United States absent registration under the Securities
Act and applicable state securities laws or available exemptions from such
registration requirements.
 
     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.
 
     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 a more complete listing of
risks involved, see 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/A for the
year ended December 31, 1997, and Form 10-Q for the quarter ended September 30,
1998, which may affect the actual results achieved by IDEC.
 
     IDEC Pharmaceuticals' news releases are available at no charge through
Business Wire's News on Demand Plus. For a menu of IDEC's current news releases
and quarterly reports or to retrieve a specific release, call (888) 239-2309. On
the Internet see http://www.businesswire.com/cnn/idph.htm and
http://www.shareholdernews.com/idph.
 
     Formerly known as IDEC-C2B8, Rituxan (Rituximab) and IDEC Pharmaceuticals
are registered U.S. trademarks of the company. IDEC's headquarters is located at
11011 Torreyana Road, San Diego, CA 92121.