Facet Biotech Finance News Update
Medicines and medical products company Abbott Laboratories said Tuesday it will buy in terms Biotech Corp. for about $ 450 million in cash, expanding access for biotechnology drug companies, including a potential treatment for multiple sclerosis. Facet and its partner Biogen IDEC’s plan to remove potential MS drug daclizumab in the final stages of development in the second quarter. Facet also has the potential treatment for cancer at various stages of development with other partners.
Abbott will pay $ 27 per share, which marked a 67 percent premium to the closing price of $ 16.21 Tuesday aspect. Board of directors and both companies have approved the agreement, expected to close in the second quarter. Abbott, based in North Chicago, IL., Valued transactions around $ 722 million less than projected in terms of cash and marketable securities at the closing of approximately $ 272 million. The agreement does not affect Abbott’s earnings guidance prior to 2010, the company said, but may require a fee. Centerview Partners acted as financial advisor facet, which is based in Redwood City, California.
The deal follows the rejection last December by the shareholders in terms of the offer worth $ 17.50 per share in the company by Biogen IDEC. Abbott shares fell 35 cents to 54.45 dollars in trade that night after getting 38 cents to close at $ 54.80 during regular trading session. Facet Biotech stocks soared to $ 27.11, up 67 percent from the closing price. Over the past year the stock has traded between $ 5.86 and $ 18.35.
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