Abbott Labs To Buy Facet Biotech For $450M

Law360, New York (March 11, 2010, 5:18 PM EST) -- Abbott Laboratories Inc. has said it will purchase Facet Biotech Inc. for $450 million as part of a plan to enhance its pharmaceutical pipeline and strengthen its business in immunology and oncology drugs.

Illinois-based Abbott will offer $27 per share in cash for a total purchase price of $722 million, which will be adjusted to account for about $272 million in Facet's projected cash and marketable securities at closing, the companies said Tuesday.

The deal will give Abbott access to daclizumab, a biologic intended to treat...
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