Abbott Laboratories to buy Facet Biotech for $ 450 million
Abbott Laboratories is very sensitive to see opportunities in developing the company. After getting bids to have a Facet Biotech, with the full calculation Abbott Laboratories agreed and will soon buy the company. Of course, Abbott laboratories to extend access keobat biotechnology drugs, such as the news again stir in google the following (source: google.com/hostednews ):
NEW YORK – Drug and medical products company Abbott Laboratories said Tuesday it will buy Facet Biotech Corp.. for about $ 450 million in cash, expanding the company’s access to biotechnology drugs, including a potential treatment for multiple sclerosis.
Facet and its partner Biogen IDEC plan to move the potential daclizumab multiple sclerosis drug into late-stage development in the second quarter. Facet also has potential cancer treatments in various stages of development with other partners.
Abbott will pay $ 27 per share, marking a 67 percent premium to Facet’s closing price of $ 16.21 Tuesday. Both companies’ boards of directors have already approved the deal, which is expected to close in the second quarter.
Abbott, based in North Chicago, IL., Valued the transaction at about $ 722 million, less Facet’s projected cash and marketable securities at closing of approximately $ 272 million.
The deal will not affect Abbott’s prior guidance for 2010 profit, the company said, but it will likely prompt a one-time charge. Centerview Partners was the financial adviser to Facet, which is based in Redwood City, Calif..
The deal follows last December’s rejection by Facet shareholders of a bid worth $ 17.50 per share for the company by Biogen IDEC.
Shares of Abbott fell 35 cents to $ 54.45 in after-hours trading after Gaining 38 cents to close at $ 54.80 during the regular trading session.
Facet Biotech shares soared to $ 27.11, up 67 percent from their closing price. Over the past year the stock has traded between $ 5.86 and $ 18.35.
Posted by Dearyoti.Com
on Mar 10 2010. Filed under Technology.
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