Biogen launches hostile bid for Facet

21 September 2009 @ 10:23 am EDT

Biogen Idec Inc launched a hostile bid for all shares of Facet Biotech Corp on Monday for $14.50 per share, two weeks after Facet rejected its previous proposal.

Facet and Biogen are jointly developing daclizumab, a drug for multiple sclerosis, and volociximab, for solid tumors.

The offer to Facet's shareholders, which expires on October 19, follows Biogen Idec's September 4 written proposal to Facet's board seeking to acquire all outstanding shares of Facet in a negotiated transaction. Facet's board rejected the proposal on September 8.

Biogen Idec's all-cash offer represents a 64 percent premium over the $8.82 per share closing price of Facet Biotech's common stock on September 3.

(Reporting by Susan Kelly, editing by Gerald E. McCormick)

Copyright 2009 Thomson Reuters. All rights reserved.

E-Newsletters

We value your privacy. Your email address will not be shared.

Home
World
US
Economy
Companies
Tech
Science
Global Markets
Education
Real Estate
Forex
Commodities
Gold & Silver Matters
More Sections
Fashion
Auto
Travel
Health
Law
Entertainment
Sports
Luxury
Art
Books
Tech & Trend
Tools & Features
Topics
Blogs
Market Data
Stock Watch List
Investment Calculator
Financial Glossary
Broker Center
World Business Headlines
Updates
RSS Feeds
IBTimes on Twitter
IBTimes on Facebook
E-Newsletters
Services
Forex Newsfeed
Research
Press Release
About IBTimes
News Licensing
Media Kit
Advertise with Us
About IBTimes
Contact Us
Terms of Service
Privacy Policy