Abbott acquires Facet Biotech

Abbott (NYSE: ABT) has completed its acquisition of Facet Biotech Corporation, strengthening its pharmaceutical pipeline in immunology and oncology.

The acquisition provides Abbott with a promising 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 multiple sclerosis that is expected to move into Phase III development in the second quarter 2010 – and oncology compounds in early- to mid-stage development that are being studied to treat different types of cancer, including multiple myeloma and chronic lymphocytic leukemia.

"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," said John Leonard, M.D., senior vice president, global pharmaceutical research and development, Abbott.

The final step in the acquisition process was a short-form merger of Amber Acquisition Inc., a wholly-owned subsidiary of Abbott, with and into Facet Biotech Corporation. 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.

SOURCE Abbott