Abbott Acquires Facet Biotech
A quick note to close out my adventures with Facet Biotech. Abbott purchased Facet today for $27 a share. I sold out last year at $17 for just under a three bagger. I thought Biogen had their tendrils in so deep with their partnering that no other offers would come.
Seth Klarman cleaned up, that extra $10 translates to an extra $35M for Baupost. Though on a percentage return basis I believe I did considerably better. It’s just a shame that percent returns don’t buy ski holidays to NZ! While I made over $10 a share, $20 would have been even nicer.
ABBOTT PARK, Ill. and REDWOOD CITY, Calif., March 9 /PRNewswire-FirstCall/ — Abbott and Facet Biotech Corporation announced today a definitive agreement for Abbott to acquire Facet, enhancing Abbott’s early- and mid-stage pharmaceutical pipeline. Abbott will acquire Facet for $27 per share in cash for a net transaction value of approximately $450 million, which includes a purchase price of approximately $722 million less Facet’s projected cash and marketable securities at closing of approximately $272 million.
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.
“This acquisition will further strengthen Abbott’s biologics capabilities and pharmaceutical pipeline,” said John Leonard, M.D., senior vice president, global pharmaceutical research and development, Abbott. ”Daclizumab is a promising treatment for multiple sclerosis, a disease that has a significant unmet medical need, and has the potential to become an important treatment option for patients. We continue to explore multiple mechanisms to treat autoimmune diseases and cancer with both biologic and small molecule approaches.”
“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,” said Faheem Hasnain, president and chief executive officer, Facet Biotech. ”Abbott’s depth of expertise in immunology and oncology makes it an excellent organization to maximize the full potential of these promising clinical programs and technologies.”
via Abbott Enhances Pharmaceutical Pipeline with Acquisition of Facet Biotech
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