Biogen Idec lowers bid for Facet Biotech to $14.50 cash per share

By Lisa Kerner

Charlotte, N.C., Sept. 4 - Biogen Idec Inc. proposed acquiring all of the outstanding shares of Facet Biotech Corp. for $14.50 each in cash, a premium of approximately 64% to Facet's closing price on Thursday.

The offer is "an extremely attractive opportunity for Facet's shareholders to realize today the future value of their company," according to a Biogen news release.

Biogen said the offer is not subject to a financing contingency or approval by Biogen shareholders.

Facet said in a statement on Friday that it will consider Biogen's latest offer and urged Facet shareholders not to take any action at this time.

In August, Biogen proposed buying Facet, a Redwood City, Calif., biotechnology company, for $15.00 per share. Facet rejected the proposal.

On Aug. 28, Facet announced a collaboration with Seattle-based Trubion Pharmaceuticals, Inc. that Biogen believes reduces Facet's value. Facet's stock price has declined 22% since the announcement, the release said.

Since 2005, Biogen and Facet have worked to jointly develop daclizumab for the treatment of relapsing multiple sclerosis and volociximab (M200) for the treatment of solid tumors.

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

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