Biogen Idec makes 'best-and-final' offer of $17.50 per share for Facet

By Lisa Kerner

Charlotte, N.C., Dec. 3 - Biogen Idec Inc. increased its offer for all the outstanding shares of Facet Biotech Corp. by 21%, or $3.00 per share, to $17.50 per share in cash, it was announced on Thursday.

The offer expires midnight ET on Dec. 16.

The offer will be allowed to expire if Facet's board fails to act or if Facet stockholders do not tender a majority of the outstanding shares by the deadline, a Biogen news release said.

Facet's board of directors recommended that its shareholders take no action at this time regarding Biogen's revised offer. The board will review the offer with its advisers and make a recommendation, a Facet news release said.

Biogen, in a letter to Facet shareholders, said it increased the offer in order to bring the acquisition process to a conclusion and eliminate the development risk for Facet shareholders.

The offer is not subject to any financing contingency.

According to Biogen, its "best-and-final" offer is a premium of approximately 98% over Facet's closing price on Sept. 3, the day before Biogen announced its proposal to acquire Facet's shares.

Facet's board has rejected Biogen's all-cash proposal but has not provided a compelling argument for remaining a stand-alone company, the letter said.

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

Facet is a Redwood City, Calif., biotechnology company.

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