Abbott Laboratories (ABT) Agrees To Buy Facet Biotech Corporation (FACT)
By Benzinga Staff
March 09, 2010 7:56 PM
March 09, 2010 7:56 PM
Abbott Laboratories (NYSE: ABT) has reached an agreement to buy Facet Biotech Corporation (NASDAQ: FACT) for $450 million.
Abbott will be paying a premium of 67% on Facet’s closing price on Tuesday. The deal is expected to close in the second-quarter.
According to Michael King, analyst at Merriman Curhan Ford & Co., the deal is good for Abbott as it will get half the worldwide rights to a potential blockbuster drug in the immunotherapy market.
Shares of Facet Biotech reached $27.06 on the news of the acquisition, while Abbott declined to $54.21, in afterhours trading.
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