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LOS ANGELES - 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)
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