Abbott Labs To Acquire Facet Biotech For $722 Million
By Gordon Wilcox
March 09, 2010 5:12 PM
March 09, 2010 5:12 PM
Pharma giant Abbott Labs (NYSE: ABT) will acquire Facet Biotech (Nasdaq: FACT) for $722 million, valuing the company at roughly $27 a share. That beats a hostile bid for Facet made by Biogen Idec (Nasdaq: BIIB) in December that valued facet at $17.50 a share.
Facet has $272 million in cash, so Abbott will essentially be paying $450 million to acquire the company.
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