Abbott buys Facet Biotech

The health care company made the acquisition to strengthen its presence in immunology and oncology.

Abbott, a global health care company into discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostic, has acquired Facet Biotech.

The acquisition provides Abbott with a biologic intended to treat multiple sclerosis (MS) and compounds that complement its existing diverse oncology program.

The new Abbott compounds include daclizumab, a Phase II investigational biologic intended to treat MS that is expected to move into Phase III development in the second quarter 2010.The final step in the acquisition process was a short-form merger of Amber Acquisition, a wholly-owned subsidiary of Abbott, with and into Facet Biotech.

As a result of the merger, all outstanding shares of Facet common stock not tendered in the cash tender offer (other than those as to which holders properly exercise dissenters' rights) were converted into the right to receive $27 per share in cash, without interest and subject to any required withholding taxes.

John Leonard, senior vice president of global pharmaceutical research and development at Abbott, said: "Facet's depth of biologics experience and sophisticated antibody engineering platforms complement Abbott's current R&D programs in oncology, immunology and other therapeutic areas."

Facet Biotech was launched in December 2008 as a spin-off from PDL BioPharma.