Abbott Laboratories (ABT) said Tuesday that it has agreed to buy Facet Biotech Corp. (FACT) for $27 per share in cash to further strengthen its biologics capabilities and pharmaceutical pipeline.
The net value of the deal is about $450 million, which includes a purchase price of about $722 million less Facet's projected cash and marketable securities at closing of about $272 million.
Abbott said the acquisition brings access to biologics in two key therapeutic areas, immunology and oncology.
Redwood City, California-based Facet is jointly developing multiple sclerosis drug daclizumab with Biogen Idec Inc. (BIIB), which terminated its $17.50 per share takeover offer for Facet in December after Facet shareholders rejected it.
Facet's oncology collaborations include early- and mid-stage compounds that are being studied to treat different types of cancer, including multiple myeloma and chronic lymphocytic leukemia. These compounds will complement Abbott's leading-edge research in oncology, which includes three compounds in mid- to late-stage trials: ABT-263, a Bcl-2 family protein antagonist; ABT-888, a PARP inhibitor; and ABT-869, a multi-targeted kinase inhibitor.
Under the terms of deal, Abbott will launch a tender offer to buy all outstanding shares of Facet for $27 per share, which represents a 67% premium to Facet's Tuesday closing stock price of $16.21.
The boards of directors of Facet and Abbott have already approved the deal, which is expected to close in the second quarter of 2010.
Abbott said it expects to incur one-time specified charges following the closing of the acquisition, which will be defined at a later date. However, the deal does not impact its previously issued full year 2010 ongoing earnings guidance, which stands at $4.20 to $4.25 per share., the company added.
Abbott is in an acquisition spree to strengthen and diversify its product pipeline. Last month, the company closed its $6.2 billion purchase of Belgium-based Solvay's pharmaceutical business. The acquisition also included Solvay's vaccines business, which was expected to provide Abbott entry into the expanding global vaccines market. The buyout will add about $2.9 billion to Abbott's sales in 2010.
Abbott shares closed Tuesday's regular trading session at $54.80, up 38 cents but lost 35 cents in after hours trading. Facet shares closed Tuesday's regular trading session at $16.21, down 30 cents or 1.82% but gained $10.90 or 67.24% to in after hours trading.
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