Biogen Idec will not extend offer for Facet's shares beyond Wednesday

By Lisa Kerner

Charlotte, N.C., Dec. 11 - Biogen Idec Inc. reminded Facet Biotech Corp. shareholders that they have until midnight ET on Wednesday to tender their shares in Biogen's "best-and-final offer" of $17.50 per share in cash.

The only conditions that remain to be satisfied in the offer, according to Biogen, are:

• Facet shareholders tendering a majority of their shares; and

• Facet's board of directors redeeming the share purchase rights and approving the offer.

Biogen said it will let the offer expire unless Facet stockholders tender a majority of the outstanding shares by the deadline.

On Thursday, Facet announced that its board unanimously recommended that its stockholders reject the unsolicited, revised tender offer from Biogen.

Biogen upped its offer for Facet last week by $3.00 per share to $17.50.

As previously reported, Facet said it is allowing Biogen to join other third parties in conducting due diligence. The company is also having Centerview Partners solicit additional interested third parties.

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

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

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