Abbott to acquire Facet Biotech for 67% Premium
10 March 2010
Abbott (NYSE: ABT) and Facet Biotech Corporation (Nasdaq: FACT) announced today a definitive agreement for Abbott to acquire Facet, enhancing Abbott’s early- and mid-stage pharmaceutical pipeline. Abbott will acquire Facet for $27 per share in cash for a net transaction value of approximately $450 million, which includes a purchase price of approximately $722 million less Facet’s projected cash and marketable securities at closing of approximately $272 million.
Abbott said that
the total purchase price was about $722 million, but that this amount included
about $272 million in Facet’s projected cash and marketable securities that it
would acquire at the time of the deal’s closing.
“This
acquisition will further strengthen Abbott’s biologics capabilities and pharmaceutical
pipeline,” John Leonard, Abbott’s senior vice president for global
pharmaceutical research and development, said in a statement. “Daclizumab is a
promising treatment for multiple sclerosis, a disease that has a significant
unmet medical need, and has the potential to become an important treatment
option for patients.”
Facet showed
that it felt vindicated in turning down Biogen Idec’s offer last year. “We
believe this transaction provides full and fair value for our stockholders and
validates the potential of Facet’s clinical and technology assets,” Faheem
Hasnain, Facet’s president and chief executive, said in the statement.
