Biogen Idec extends bid for Facet Biotech

Biogen Idec extends deadline for hostile takeover bid of Facet Biotech

• On 5:03 pm EDT, Friday October 16, 2009

WASHINGTON (AP) -- Biotech drugmaker Biogen Idec said Friday it has extended its tender offer for shares of Facet Biotech Corp., after the company's board unanimously rejected the hostile takeover bid.

On Sept. 21, Biogen launched an unsolicited tender offer of $14.50 per share for Facet stock. That offer would have expired Oct. 19, though Biogen said it will be extended until Dec. 16.

"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," said Biotech Chief Executive James Mullen, in a statement.

Since 2005, the companies have been collaborating to develop the cancer drug candidate volociximab and the multiple sclerosis drug daclizumab.

Cambridge, Mass.-based Biogen went public with the bid on Sept. 4. Facet rejected it Sept. 8, saying it undervalued the company.

Shares of Facet Biotech Corp. rose 11 cents Friday to close at $18.03.