Facet Biotech Stockholders Reject Biogen Idec Tender Offer

Thu, 12/17/2009 - 4:25am
Facet Biotech Corporation today commented on the filing by Biogen Idec Inc. disclosing that the stockholders of Facet Biotech have rejected Biogen Idec's unsolicited tender offer and that Biogen Idec has terminated its tender offer. "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," said Faheem Hasnain, president and chief executive officer of Facet Biotech. "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." Mr. Hasnain continued: "At the same time, we remain committed to continuing to execute on our strategic plan and are confident in our ability to provide meaningful growth and value to our stockholders." No assurance can be given that Facet Biotech's efforts will result in any transaction that will be determined by Facet Biotech's board of directors to be in the best interests of the Company's stockholders or with respect to the price that may be obtained in any such transaction.

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