Biotechnology company Facet Biotech Corp. (FACT), Thursday said it has asked its financial advisor Centerview Partners to pursue other company's which may be in interested to acquire Facet. The company also said that Biogen Idec terminated its tender offer $17.50 per share offer.
Cambridge, Massachusetts-based Biogen's tender offer for $17.5 per facet share expired yesterday.
Redwood City, California-based Facet today said it will offer Biogen with the opportunity for due diligence discussions to determine whether Biogen Idec would increase its offer.
Complicating the Biogen Idec's tender offer hours after Biogen threatned with proxy contest on December 15, in a filing facet had disclosed that it had entered into an agreement with its largest shareholder, Biotechnology Value Fund, L.P. and certain of its affiliates to raise its stake in the company to more than 15% but less than 20% of the outstanding common shares. On December 16, Facet entered into a similar agreement with another major stockholder The Baupost Group, L.L.C.
Faheem Hasnain, president and chief executive officer of Facet Biotech, on December 16 said, "We are pleased that our two largest stockholders, who collectively own 28.7 percent of shares outstanding, have informed us that they do not intend to tender their shares into Biogen Idec's offer and that they want greater flexibility to acquire additional shares of the company."
"We will continue to pursue appropriate opportunities and, as previously disclosed, we have requested that our financial advisor, Centerview Partners, solicit additional third parties that may have an interest in a transaction that our board would find in our stockholders' best interests," Hasnain said today.
Hasnain said that the company remains committed to continue to execute on its strategic plan and targets to provide meaningful growth and value to its stockholders.
Biogen Idec's interest to acquire Facet was first conveyed by its President and Chief Executive Officer James Mullen on August 17, 2009 to Facet's President and Chief Executive Officer Faheem Hasnain. This was confirmed in a letter sent to Hasnain and the Facet board on August 21 proposing a purchase price of $15.00 per share.
However, on August 28, after rejecting Biogen's proposal, Facet announced a collaboration with Trubion Pharmaceuticals (TRBN) against the request of Biogen Idec, having urged Facet in a letter dated August 21 not to undertake any material, commercial or strategic transactions prior to the consummation of a transaction with it.
As a result, Biogen on September 4 made a hostile bid to acquire all the outstanding shares of Facet for a price of $14.50 per share, just days after the Facet/Trubion tie-up for TRU-016.
On December 3, Biogen raised its offer price to acquire all the outstanding shares to $17.50 per share.
On December 12, Facet rejected Biogen's sweetened offer. In the letter to the Facet's shareholders Biogen on December 3 said, "Taking into account its monthly cash "burn rate" and its significant lease obligations, Facet does not have the cash to fund its operations beyond 2012, well before completion of the daclizumab clinical program, without obtaining additional financing, which we believe will be dilutive."
"We already own a 50% interest in daclizumab, the drug Biogen Idec is jointly developing with Facet for the treatment of relapsing multiple sclerosis (MS). We do not intend to overpay for the rest. If Facet stockholders choose not to accept our offer, they will bear 50% of the risks associated with the development of daclizumab and 100% of the risks associated with Facet's interest in other development stage drugs," Mullen in the letter to Facet shareholders said.
Facet had earlier indicated that certain other parties had interest shown to enter into confidentiality agreements and conduct due diligence.
On December 16, AVEO Pharmaceuticals, Inc. in which Biogen Idec owns 14% interest filed for an Initial Public Offering.
FACT is currently trading at $17.19, up $0.79 or 4.82% on a volume of 0.23 million shares on the Nasdaq. On the other hand, BIIB is currently trading at $49.36, down $0.89 or 1.77% on a volume of 1.73 million shares on the Nasdaq.
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