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Facet Board Recommends Rejecting Biogen Bid

[Clarified Oct. 1—see below] Directors of Facet Biotech (NASDAQ:FACT) have unanimously recommended that its shareholders reject Biogen Idec’s $14.50 per share takeover bid, an all cash deal worth some $355 million, the California company announced today. Biogen (NASDAQ:BIIB) had proposed acquiring Facet, its partner in developing an antibody drug for multiple sclerosis, in early September. After Facet’s board rejected that deal, Biogen on September 21 launched its tender offer. “The offer is substantially lower than our company’s current market value…and attributes insufficient value to the attractive pipeline and assets of the company…” Facet Biotech CEO Faheem Hasnain said in a statement. Biogen could not be reached for comment this morning. Facet shareholders have until Oct. 19 to decide whether they accept or reject the tender offer.  [This article was amended to make it clear that despite its board stated rejection of the deal, Facet’s shareholders still have to vote on the tender offer.]