
Abbott reached a definitive agreement to acquire Facet Biotech in a deal valued at approximately $722 million, the companies announced Tuesday
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Abbott's senior vice president of global pharmaceutical R&D, John Leonard, explained that "this acquisition will further strengthen Abbott's biologics capabilities and pharmaceutical pipeline."
Under the terms of the agreement, Abbott will begin a tender offer to purchase all outstanding shares of the drugmaker at $27 per share in cash, resulting in a net cost of about $450 million. The stock offer represents a 67-percent premium to Facet's closing share value on Tuesday. In addition, the purchase price includes $272 million of Facet Biotech's projected cash and securities.
The companies noted that the acquisition "brings access to biologics in two key therapeutic areas, immunology and oncology." These compounds include daclizumab, a mid-stage biologic being developed in collaboration with Biogen Idec for the treatment of patients with multiple sclerosis. The drug is expected to move into Phase III testing in the second quarter of 2010.
Facet's oncology portfolio includes several compounds being developed in collaboration with other partners, and will complement Abbott's own compounds in mid- to late-stage trials, including ABT-263, ABT-888, and ABT-869, the companies stated.
The deal is expected to close in the second quarter of 2010.
