Abbott to acquire Facet Biotech for 67% Premium
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.
Source: Newyorktimes.com & worldpharmanews.com
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