DOW JONES NEWSWIRES
Facet Biotech Corp. (FACT) is allowing its two biggest
shareholders to increase their stakes without triggering a "poison
pill" provision, amid its efforts to ward off Biogen Idec's (BIIB)
$420 million acquisition bid.
Facet President and Chief Executive Faheem Hasnain said, "We are
pleased that our two largest stockholders, who collectively own
28.7% of shares outstanding, have informed us that they do not
intend to tender their shares into Biogen Idec's offer and that
they want greater flexibility to acquire additional shares of the
company."
Facet shares were recently down 3.5% at $16.16, while Biogen
gained 1.5% to $50.16.
There is a 12 a.m. EST Thursday deadline for Facet holders to
tender their shares in support of Biogen's $17.50 a share offer. If
a majority doesn't, Biogen said it will walk away.
Hasnain reiterated Wednesday that Biogen's boosted offer is
inadequate and undervalues the company, adding that Facet is open
to opportunities that would provide full and fair value for our
stockholders." It again stated its offer to engage in due diligence
talks with Biogen Idec, along with third parties.
The cash-rich California-based drug developer and Biogen have
worked together since 2005 on treatments for multiple sclerosis and
solid tumors. Facet contends that Biogen is trying to cheaply
acquire the full rights to daclizumab, a multiple-sclerosis
treatment in development by the companies.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com;