Sep 9 2009
Biogen Idec Inc. (NASDAQ:BIIB) today reiterated its proposal to acquire all of the outstanding shares of Facet Biotech Corporation for $14.50 per share in cash.
James C. Mullen, Biogen Idec’s President and Chief Executive Officer, stated, “We continue to believe that Biogen Idec’s $14.50 per share, all-cash offer represents an extremely attractive opportunity for Facet’s shareholders to realize today the future value of their company. The price we are offering ascribes meaningful and appropriate value to the company’s clinical programs while taking into account Facet’s significant building lease and other obligations, and recently announced collaboration agreement with Trubion. As such, we were disappointed to learn that Facet’s Board of Directors rejected our proposal without discussing its merits with us and our advisors. While we continue to urge Facet's Board to meet with us to conclude a definitive merger agreement, we are reviewing our options.”
Biogen Idec’s proposal is not subject to any financing contingency or approval by Biogen Idec shareholders. As announced on September 4, 2009, Biogen Idec’s all-cash offer represented a premium of approximately 64% over the $8.82 closing price of Facet’s common stock on September 3, 2009.
Biogen Idec and Facet have been working together since 2005 under a collaboration agreement pursuant to which they have been jointly developing daclizumab for the treatment of relapsing multiple sclerosis and volociximab (M200) for the treatment of solid tumors.