Biogen Idec (NASDAQ:BIIB) said Friday that it has submitted a proposal to the Board of Directors of Facet Biotech Corporation (NASDAQ: FACT) to acquire all of the outstanding shares of Facet for $14.50 per share in cash. The all-cash offer, which values the Redwood City, Calif.-based Facet at nearly $347 million, represents a premium of 64% over the closing price of Facet’s $8.82 a share on Thursday, Sept. 03, ’09.
Biogen Idec’s President and CEO James C. Mullen stated in a letter to Facet’s Board of Directors that Biogen believes the transaction makes compelling business sense for both companies and underscored the fact that the $14.50 per share all-cash offer represents an extremely attractive opportunity for Facet’s shareholders.
Biogen Idec said in a statement it has asked to meet with the Facet Board and its advisors and stated that it is prepared to commit all necessary resources to complete a transaction expeditiously.
Biogen has engaged Leerink Swann LLC as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel in connection with the proposed transaction.