Facet board recommends against Biogen Idec's 'best-and-final' offer

By Lisa Kerner

Charlotte, N.C., Dec. 10 - Facet Biotech Corp.'s board of directors unanimously recommended that its stockholders reject the unsolicited, revised tender offer from Biogen Idec Inc. that expires on Wednesday, it was announced on Thursday.

Biogen upped its offer for Facet last week by $3.00 per share to $17.50 per share in cash.

According to Biogen, its "best-and-final" offer is a premium of approximately 98% over Facet's closing price on Sept. 3, the day before Biogen announced its proposal to acquire Facet's shares.

Facet said the offer is inadequate and not in its shareholders' best interests.

"We believe Biogen Idec is materially undervaluing our assets while overstating our liabilities, and their offer demonstrates an incomplete understanding of our pipeline and technologies," Facet president and chief executive officer Faheem Hasnain said in a company news release.

Hasnain said Facet is allowing Biogen to join other third parties in conducting due diligence.

"We also are requesting that our financial adviser, Centerview Partners, solicit additional third parties that may have an interest in a transaction that the board would find in our stockholders' best interests," Hasnain said.

Biogen is a Cambridge, Mass.-based pharmaceutical company.

Facet is a Redwood City, Calif., biotechnology company.

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