Facet Biotech rejects Unsolicited Tender Offer from Biogen Idec (FACT,BIIB)

12/17/2009-Facet Biotech Corporation (NASDAQ:FACT) stockholders have rejected an unsolicited tender offer from Biogen Idec, Inc. (NASDAQ:BIIB) of $17.50 per share and Biogen Idec has since terminated the offer.

President and CEO of Facet Biotech Faheem Hasnain, said, "We are pleased that our stockholders have agreed with our board that Biogen Idec's $17.50 per share offer was inadequate and did not fairly value our company and its prospects. We will continue to pursue appropriate opportunities and, as previously disclosed, we have requested that our financial advisor, Centerview Partners, solicit additional third parties that may have an interest in a transaction that our board would find in our stockholders' best interests. In addition, we continue to offer Biogen Idec the opportunity to engage in due diligence discussions to determine whether Biogen Idec would make a materially increased offer."

Facet Biotech shares are trading up 2.2% in morning activity.

Biogen Idec shares are trading down 2% in morning activity.

Write to Chip Brian at cbrian@tradethetrend.com

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