Facet Biotech Sold
Facet Biotech Sold – Drug and medical products company Abbott Laboratories said Tuesday it will buy Facet Biotech Corp. for about $450 million in cash, expanding the company’s access to biotechnology drugs, including a potential treatment for multiple sclerosis.
Facet and its partner Biogen Idec plan to move the potential multiple sclerosis drug daclizumab into late-stage development in the second quarter. Facet also has potential cancer treatments in various stages of development with other partners.
Abbott will pay $27 per share, marking a 67 percent premium to Facet’s closing price of $16.21 Tuesday. Both companies’ boards of directors have already approved the deal, which is expected to close in the second quarter.
Abbott, based in North Chicago, Ill., valued the transaction at about $722 million, less Facet’s projected cash and marketable securities at closing of approximately $272 million.
The deal will not affect Abbott’s prior profit guidance for 2010, the company said, but it will likely prompt a one-time charge. Centerview Partners was the financial adviser to Facet, which is based in Redwood City, Calif.
Facet Biotech Sold
Tags: Abbott Laboratories, Biogen, Biogen Idec, Biotechnology Drugs, Boards Of Directors, Cancer Treatments, Cash And Marketable Securities, Centerview Partners, Chicago Ill, Daclizumab, Facet, Financial Adviser, Medical Products Company, Multiple Sclerosis, North Chicago, Redwood City Calif, Sclerosis Drug, Stage Development, Stages Of Development, Time Charge
Posted in Money
No Comments