Biotech, Multiple Sclerosis, acquisitions

Facet Rejects Biogen Takeover Bid

Luke Timmerman 9/8/09

Facet Biotech (NASDAQ: FACT), the Redwood City, CA-based biotech company, said today that its board has rejected Biogen Idec’s hostile takeover offer of $14.50 a share, or about $355 million. The two companies are partners in developing daclizumab, an antibody for multiple sclerosis. Facet says Biogen is seeking to buy full rights to the drug after it passed a key hurdle in development which increased its value. Investors are wagering that Cambridge, MA-based Biogen Idec (NASDAQ: BIIB) will have to raise its bid to buy Facet, as they drove shares up to more than $16 today.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.