10.03.2010

Abbott to Buy Facet for $27/Share, Topping Biogen Bid

Facet Biotech has agreed to be acquired by Abbott Laboratories for $27 a share, topping a hostile offer of $17.50 a share made last year by Biogen Idec. Shares of Facet rose 67% after the announcement. Abbott and Facet said on Tuesday that the cash deal will have a net cost of about $450 million, including a purchase price of about $722 million less Facet's cash and securities of around $272 million. more