Biogen Idec has offered to buy its partner, Facet Biotech Corp, for $335 million.
From Ransdell Pierson, Reuters:
NEW YORK, Sept 4 (Reuters) - Biogen Idec (BIIB.O) said on Friday it had offered to acquire Facet Biotech Corp (FACT.O), a partner in developing multiple sclerosis and cancer drugs, in a deal valued at about $355 million.
Biogen Idec, which sells two leading multiple sclerosis drugs, in a letter to Facet's board offered $14.50 per share, about a 64 percent premium over the closing price of Facet shares on Sept. 3, Biogen Idec said in a release.
"Biogen Idec has asked to meet with the Facet board and its advisors and stated that it is prepared to commit all necessary resources to complete a transaction expeditiously," Biogen Idec said. The Cambridge, Massachusetts-based company said its offer is not subject to any financing contingency.
