Abbott Labs (ABT) shores up its early and midstage pipeline with an agreement to acquire Facet Biotech (FACT) for $27/share in cash, for a net value of about $450M. FACT halted at $16.37 and will resume trading at 5:20 p.m EST.
Facet Biotech (FACT) says Biogen Idec's (BIIB) increased bid of $17.50/share is still too low, and not in shareholders' best interest. Facet notes other parties have also expressed interest in the company and its assets, and that it is allowing them, along with Biogen, to conduct due diligence.
Facet Biotech (FACT) rejects Biogen Idec's (BIIB) $14.50/share bid, calling it inadequate. Says BIIB's decision to launch a bid for Facet within weeks of their joint decision to begin a Phase III trial for its daclizumab MS treatment "does not appear to be a coincidence."
We are a biotechnology company dedicated to advancing our pipeline of several clinical-stage products and expanding and deriving value from our proprietary next-generation protein engineering platform technologies to improve the clinical performance of protein therapeutics.
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