DOW JONES NEWSWIRES
A day after Facet Biotech Corp.'s (FACT) board rejected Biogen
Idec Inc.'s (BIIB) raised $420 million acquisition offer, the
biotechnology firm again said the bid represents its "best and
final offer."
Biogen's shares were recently up 29 cents to $48.55, while
Facet's fell 2.8% to $17.46. Facet's stock has surged 85% so far
this year.
Last week, Biogen boosted its bid 21% to $17.50 a share after
Facet had rebuffed its original offer at $14.50. On Thursday, Facet
said the offer was "inadequate," although it opened the possibility
of entering due-diligence talks.
On Friday, Biogen encouraged Facet shareholders to tender their
shares before the offer expires Dec. 16, saying it "fairly values
Facet." Unless holders tender a majority of the outstanding shares
by the expiration date, Biogen said it will walk away.
For its part, Facet has argued that Biogen's offer doesn't put
much value on its product pipeline and operations. The drug
developer has stressed there's continued interest from other
potential suitors.
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.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com