Biogen Idec has made a $356 million cash offer for Facet Biotech, urging shareholders to back an offer that management itself has previously rejected, according to the Wall Street Journal. The offer, for $14.50/share, is a 64 percent premium over Facet’s closing price prior to the news of the potential merger. Facet has recommended that shareholders ignore the proposal, which they claim undervalues the company’s drug lines. Facet is currently developing daclizumab, a drug that could treat multiple sclerosis.
Biogen Urges Shareholders to Support Merger Offer
Facet is telling shareholders to oppose a buyout offer made by Biogen.
September 22, 2009