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Biogen Idec Inc. has announced its intention to buy all remaining shares of Facet Biotech Corp., a Redwood City, Calif.-based biotechnology with four drugs in clinical trials.
The two companies have had a working relationship since 2005 and have been jointly developing a Multiple Sclerosis drug target called daclizumab and another drug candidate called volociximab to treat solid tumors.
Cambridge-based Biogen will buy all remaining shares at a price of $14.50 per share, which represents a 64 percent premium over Facet’s share price on Sept. 3. The proposal is not subject to approval by Biogen’s board and has been submitted to the Facet board of directors for approval. Biogen dropped its offer to $14.50 per share from $15 per share, after Facet completed a collaboration late last month with Seattle-based Trubion Pharmaceuticals Inc., in conflict with a verbal agreement between Facet and Biogen to put off agreeing to any collaborations until the Biogen deal was complete.
Biogen’s (Nasdaq: BIIB) stock was trading at $50.56 in late morning trading on Friday, up from $49.91 at the previous close.
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