DOW JONES NEWSWIRES
Biogen Idec Inc. (BIIB) extended its tender offer for Facet
Biotech Corp. (FACT) shares by nearly two months to Dec. 16,
despite Facet's repeated insistence that it has no interest in the
$356 million deal.
Biogen launched the tender offer four weeks ago, but cash-rich
Facet has argued the offer doesn't put much value on Facet's
product pipeline and operations. Facet has also said Biogen is
trying to acquire the full rights to daclizumab, a
multiple-sclerosis treatment in development by the companies, on
the cheap.
"Our offer price remains unchanged at $14.50 per share in cash,
which is a substantial premium to where Facet Biotech's stock was
trading prior to our offer," said Biogen Idec President and Chief
Executive James C. Mullen.
As of Thursday night, only 28,000 of nearly 25 million shares
outstanding had been tendered.
In after-hours trading, Facet shares were up 0.4% at $18.09,
suggesting that Wall Street is expecting a higher offer from Biogen
or another suitor. Biogen shares were up 0.1% at $49.25.
-By Jay Miller, Dow Jones Newswires; 212-416-2355;
jay.miller@dowjones.com
