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Abbott Acquires Facet

Abbott buys biotech at $27 per share, trumping Biogen Idec's $17.50 bid

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By: Tim Wright

Editor-in-Chief, Contract Pharma

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&...

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