Wednesday, March 10, 2010

Facet Biotech Acquired By Abbott

Redwood City-based Facet Biotech, a developer of treatments for multiple sclerosis, has been acquired by Abbott, in a deal worth $450M. According to Abbott, it will pay $27 per share in cash for Facet, for a purchase price of approximately $722M less Facet's cash and marketable securities worth $272M. Facet has a drug targeted at treating multiple sclerosis in Phase II traisl, and a number of other oncology compounds in early and mid stage development. Facet Biotech was advised by Centerview Partners in the deal.