DOW JONES NEWSWIRES

Drug developer Facet Biotech Corp. (FACT) again shunned Biogen Idec Inc.'s (BIIB) approaches, on Tuesday calling its $356 million takeover offer "inadequate" and "not in the best interest" of shareholders.

Biogen made its latest bid public on Friday after Facet rejected earlier takeover approches.

Facet President and Chief Executive Faheem Hasnain said "it does not appear to be a coincidence" that Biogen made its offer within weeks of the companies' decision to start a phase 3 trial for multiple sclerosis treatment daclizumab. Hasnain called that move a "positive development" which hasn't been reflected in its stock price.

Biogen's offer is $14.50 a share, and Facet's stock jumped above that price Friday as investors believe any deal would need to be cinched at a higher price. It closed at $15.38.

The companies have worked together since 2005 on treatments for multiple sclerosis and solid tumors. A deal would come as larger drug makers have been looking at smaller drug developers as ways to replenish their pipelines.

-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com