Abbott Laboratories will acquire Facet Biotech for a net transaction value of approximately $450 million in cash (a purchase price of approximately $722 million minus Facet’s projected cash and marketable securities at closing of approximately $272 million). Abbott will pay approximately $27 per share for Facet. In September 2009, Biogen Idec attempted to buy Facet at a value of $14.50 per share; the offer rose to $17.50 in December 2009, but was rejected.

The acquisition boosts Abbott’s biologics pipeline in immunology and oncology. Facet’s pipeline includes daclizumab, a Phase II biologic intended to treat multiple sclerosis (MS) that is expected to move into Phase III development in the 2Q10, and oncology compounds in early- to mid-stage development. Daclizumab is being developed in collaboration with Biogen Idec; some 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.”

The transaction, expected to close in 2Q10, has been approved on behalf of the boards of directors of Facet and Abbott. Approval of the transaction by Abbott’s shareholders is not required.