Facet investor buys 369,059 shares, lifts ownership interest to 5.5%

By Lisa Kerner

Charlotte, N.C., Dec. 11 - Facet Biotech Corp. shareholder Chesapeake Partners Management Co., Inc. bought 369,059 shares of the company' stock between Oct. 5 and Dec. 3 priced from $16.54 to $17.53 each, according to a schedule 13D filed on Friday with the Securities and Exchange Commission.

Chesapeake beneficially owns 1,372,711 shares, or 5.5%, of the Redwood City, Calif., biotechnology company.

Biogen Idec Inc.'s $17.50-per-share tender offer for Facet ends at midnight ET on Wednesday.

As previously reported, Facet's board of directors unanimously recommended that its stockholders reject the unsolicited offer from Biogen, a Cambridge, Mass., pharmaceutical company.

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