Biogen Idec, a Cambridge, Mass.-based biotechnology company, is taking its $356 million acquisition bid to shareholders of Facet Biotech Corp., Redwood City, Calif., following a rejection of the deal by Facet's board, which said the offer undervalues the company's worth.
Biogen making takeover bid for Facet Biotech
According to a news release, Biogen is offering $14.50 per share in an attempt to gain control of drugs that the two companies have been working together to develop. “We believe the transaction would enable the important multiple sclerosis and solid tumor clinical programs that the companies have been working on in collaboration for nearly four years to have the best chance of reaching the market and improving patients' lives,” said Biogen President and CEO James Mullen.
Facet stock closed at $8.82 per share on Sept. 3, 2009, a day before Biogen made its original offer to the board. The stock opened at $16.48 this morning following announcement of the takeover bid.
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