Facet Biotech shareholder permitted to increase ownership to 20%

By Lisa Kerner

Charlotte, N.C., Dec. 16 - Facet Biotech Corp. agreed to amend its rights agreement to allow Baupost Group, LLC to purchase additional shares without the triggering the rights under the agreement.

Baupost will be able to increase its ownership of Facet stock to 20%, amended from 15%, of the company's total outstanding shares, according to a form 8-K filed with the Securities and Exchange Commission.

Currently, Baupost beneficially owns 3,506,875 shares, or approximately 14%, of Facet's common stock, the filing said.

Baupost, for its part, agreed to vote any shares it owns in excess of 15% of the outstanding common stock either in the same proportion as other Facet stockholders or as recommended by Facet's board.

According to the filing, Baupost did not intend to tender its Facet shares into Biogen Idec Inc.'s $17.50-per-share tender offer that ended Wednesday.

Facet, a Redwood City, Calif., biotechnology company, previously announced it had rejected Biogen's offer.

Biogen is a Cambridge, Mass., pharmaceutical company.

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