Biotech, deals, acquisitions

Biogen Tender Offer For Facet Begins

Rebecca Zacks 9/21/09

The Cambridge, MA-based Biogen Idec (NASDAQ: BIIB) today began a $14.50-per-share tender offer for Redwood City, CA-based Facet Biotech (NASDAQ: FACT). Biogen initially proposed to acquire the California company, its partner in developing a new antibody drug for multiple sclerosis, on September 4, but Facet’s board rejected the deal, which is worth about $355 million in total, on September 8. Under the terms of the tender offer, Facet shareholders will have until October 19 to decide for themselves if they think Biogen’s offer is a good one.