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Article Excerpt
CAMBRIDGE, Mass. -- Biogen Idec Inc. (NASDAQ:BIIB) announced today that it has extended the tender offer by its wholly owned subsidiary, FBC Acquisition Corp., to purchase all of the outstanding shares of Facet Biotech Corporation (NASDAQ: FACT) to 12:00 midnight New York City time on December 16, 2009, unless otherwise extended. The tender offer was previously set to expire at 12:00 midnight New York City time on October 19, 2009.
"Our offer price remains unchanged at $14.50 per share in cash, which is a substantial premium to where Facet Biotech's stock was trading prior to our offer," said Biogen Idec's President and Chief Executive Officer James C. Mullen. "We continue to believe our offer reflects a full and fair price and provides Facet Biotech stockholders the opportunity to realize the value today of Facet's development stage pipeline. Biogen Idec views the acquisition of Facet as desirable but not a 'must have'. We already own a 50% interest in daclizumab, the drug Biogen Idec is jointly developing with Facet Biotech for the treatment of relapsing multiple sclerosis. We do not intend to overpay for the rest."
In extending its tender offer, Biogen Idec today also sent an open letter to the stockholders of Facet Biotech, the full text of which appears below:
October 16, 2009
Dear Facet Biotech Stockholder:
Biogen Idec announced today that it has extended the tender offer by its wholly owned subsidiary, FBC Acquisition Corp., to purchase all of the outstanding shares of Facet Biotech Corporation to 12:00 midnight New York City time on December 16, 2009. Our offer price remains unchanged at $14.50 in cash, which represents a 64% premium to Facet's closing price on September 3, 2009, the day before we announced our proposal to acquire all of the outstanding shares of Facet common stock.
We continue to believe our offer reflects a full and fair...
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