DOW JONES NEWSWIRES Biogen Idec (BIIB) said for the first time Tuesday it would be prepared to launch a proxy battle to replace "at least" a majority of Facet Biotech Corp.'s (FACT) board if most of Facet shareholders tender their shares in its $420 million acquisition effort. Biogen reiterated that its boosted bid of $17.50 a share, which expires at 12 a.m. EST Thursday, represents its "best and final offer" and fairly values Facet. The company also reiterated that it will let the offer expire if a majority of shares aren't tendered. Facet, a cash-rich California-based drug developer rejected the boosted bid Dec. 10. However, it offered a due diligence invitation to Biogen with the hope it will better understand Facet's insistence for a higher offer. In the meantime, Facet--which had previously said it received interest from other companies--has allowed the third parties to conduct due diligence. Biogen and Facet have worked together since 2005 on treatments for multiple sclerosis and solid tumors, but Facet contends that Biogen is trying to cheaply acquire the full rights to daclizumab, a multiple-sclerosis treatment in development by the companies. Facet was spun off from PDL BioPharma Inc. (PDLI) a year ago in order to separate the company's biotechnology assets from its royalty-producing assets. Facet shares were recently down a nickel to $17.01 while Biogen was up 0.6% to $49.18. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;
