Abbott To Acquire Facet Biotech

The deal also includes a purchase price of approximately $722m less Facet’s projected cash and marketable securities at closing of approximately $272m.

The acquisition brings access to biologics in two key therapeutic areas, immunology and oncology. The compounds include daclizumab, a Phase II investigational biologic intended to treat multiple sclerosis (MS) that is expected to move into Phase III development in the second quarter 2010 and oncology compounds in early- to mid-stage development. Daclizumab is being developed in collaboration with Biogen Idec and certain oncology compounds are being developed in collaboration with other parties.

John Leonard, senior vice president of global pharmaceutical research and development at Abbott, said: “This acquisition will further strengthen Abbott’s biologics capabilities and pharmaceutical pipeline. We continue to explore multiple mechanisms to treat autoimmune diseases and cancer with both biologic and small molecule approaches.”

Faheem Hasnain, president and CEO of Facet Biotech, said: “We believe this transaction provides full and fair value for our stockholders and validates the potential of Facet’s clinical and technology assets, all of which has resulted from the effort and dedication of our employees.”

The transaction is expected to close in the second quarter of 2010. Abbott would expect to incur one-time specified charges following the closing of the acquisition, which will be defined at a later date. The transaction does not impact Abbott’s previously issued ongoing earnings-per-share guidance for 2010.