Biogen Idec Bid for Facet Biotech Shot Down, But the Shows Not Over
Summary
Biogen Idec Bid for Facet Biotech Shot Down, But the Show’s Not Over Xconomy Boston — [Update: 5:26 pm Eastern, 12/17/09] Biogen Idec failed to persuade shareholders to approve its $450 million hostile takeover bid for Redwood City, CA-based Facet Biotech, but a statement today suggests that this particular corporate dance isn’t over yet.Facet, which controls assets formerly owned by PDL Biopharma, has been a Biogen partner since 2005 in developing daclizumab for multiple sclerosis.But Biogen didn’t appear to be happy after Facet did an independent thing by striking a separate deal with Seattle-based Trubion Pharmaceuticals to co-develop a lymphoma drug.Facet had $332 million in cash and investments on its books at the end of September, and that alone makes its stock worth $12.97 a share without assigning any value to daclizumab, according to an analysis by Michael King of Merriman Curhan Ford, in a note to clients Dec. 10.Shareholders aren’t placing as much value on the company as King, but Facet’s statement about listening to other offers did spark some speculative movement in the stock today.