Biogen Idec extends $14.50-per-share tender offer for Facet Biotech

By Lisa Kerner

Charlotte, N.C., Oct. 16 - Biogen Idec Inc. extended its tender offer for Facet Biotech Corp.'s outstanding shares to midnight ET on Dec. 16 from Oct. 19.

Approximately 28,336 shares of Facet Biotech stock have been tendered as of 5 p.m. ET on Thursday.

Biogen began the $14.50-per-share cash tender offer through wholly owned subsidiary FBC Acquisition Corp. on Sept. 21.

"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," Biogen Idec president and chief executive officer James C. Mullen said in a company news release.

Biogen notified Facet shareholders of the change in a letter on Friday. Biogen said that while it considers Facet desirable, it is not a "must have."

"We already own a 50% interest in daclizumab, the drug Biogen Idec is jointly developing with Facet for the treatment of relapsing multiple sclerosis," the letter said.

"If Facet stockholders choose not to accept our offer, they will bear 50% of the risks associated with the development of daclizumab, 100% of the risks associated with Facet's interest in other development stage drugs and will own a company with a declining cash position," Mullen said in the letter.

As previously reported, Facet rejected Biogen's Sept. 4 offer because it does not believe the offer attributed any value to daclizumab. In addition, Facet adopted a stockholder rights plan with a one-year term in response to the offer.

In August, Facet, a Redwood City, Calif., biotechnology company, rejected Biogen's earlier offer of $15.00 per share.

Biogen is a Cambridge, Mass.-based pharmaceutical company.

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