Abbott Laboratories says it will buy Facet Biotech for about $450 million in cash, expanding the company's access to biotechnology drugs, including a potential treatment for multiple sclerosis.
Abbott paying $450 million for Facet Biotech
Facet and its partner Biogen Idec plan to move the potential multiple sclerosis drug daclizumab into late-stage development in the second quarter. The company also has potential cancer treatments in various stages of development with other partners.
Abbott will pay $27 per share, marking a 67% premium to Facet's closing price of $16.21 Tuesday. Both boards of directors have already approved the deal, which is expected to close in the second quarter.
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