Facet Biotech shareholders rejected a buyout offer of $17.50 a share from Biogen Idec in December and now the company is poised to accept a $722 million offer from Abbott Laboratories. The deal would value Facet Biotech (NASDAQ FACT) at approximately $27 per share.
Abbott's closing price is approximately $272 million ($722 million less Facet's projected cash and marketable securities).
Facet Biotech's multiple sclerosis compound Daclizumab is expected to enter Phase III in mid 2010.
