ADVFN - Advanced Financial Network.
HOME» NASDAQ » F » FACT Stock Price » FACT Stock News

Facet Biotech Share News

 Facet Biotech (mm) Stock Price
FACT Stock Price
 Facet Biotech (mm) Stock Chart
FACT Stock Chart
 Facet Biotech (mm) Stock News
FACT Stock News
 Facet Biotech (mm) Company Information
FACT Company Information
 Facet Biotech (mm) Stock Trades
FACT Stock Trades

Facet Board Rejects Biogen Idec's Boosted Takevoer Bid

DOW JONES NEWSWIRES Facet Biotech Corp.'s (FACT) board rejected Biogen Idec Inc. (BIIB) raised $420 million acquisition offer and said investors shouldn't tender shares at Biogen's "inadequate" bid, though it opened up the possibility of entering due-diligence talks. Facet shares rose 2.9% to $17.90 premarket on word of potential cooperation between the companies. Through Wednesday the stock was up 81% in 2009. A combination of the two biotechnology firms, which already collaborate on multiple sclerosis and oncology drugs, would join companies with focuses on autoimmune disease and cancer. Last week, Biogen boosted its bid 21% to $17.50 a share after Facet had rebuffed its original offer at $14.50. It gave investors a Dec. 16 deadline to respond to its "best and final" proposition, while Facet initially told its shareholders to hold off action until the board responded. Chief Executive Faheem Hasnain said Thursday that Biogen Idec was undervaluing Facet's assets while overstating its liabilities. "Their offer demonstrates an incomplete understanding of our pipeline and technologies," he added. He went on to say that there has been third-party interest in the company and Facet's financial adviser will solicit additional third-party interest. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; [email protected]

Stock News for Facet Biotech (FACT)
No Recent News Available

Facet Biotech and other NASDAQ stock quotes are delayed by at least 20 minutes.
All other stock price and quote data is delayed by at least 15 minutes unless otherwise stated. By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations