Friday, September 4, 2009

Biogen Idec Launches Hostile Bid For Facet

Biogen Idec said Friday that it has launched an effort to acquire Redwood City-based Facet Biotech, in a deal worth $14.50 per share in cash for Facet. According to Biogen Idec, the offer is approximately 64% over the September 3rd closing pricing of Facet. In a letter relased by Biogen, it said it was "deeply disappointed" in a collaboration with Trubion announced by Facet, plus a rejection by Facet on August 25th to discuss a possible buyout offer.