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After the closing bell Tuesday, Abbott Laboratories (ABT) announced that it will acquire Facet Biotech (FACT) for $27 per share. The transaction carries a total price tag of $722 million. Including $272 million of FACT's cash and securities, the net cost turns out to be roughly $450 million. Back in December, FACT turned down Biogen Idec's (BIIB) unsolicited takeover offer of $17.50 per share. The deal is expected to close in the second quarter, as both boards of directors have approved the deal.
FACT has five clinical-stage products in its pipeline and identifies and develops new oncology drugs. The company also is dedicated to improvement in the clinical performance of protein therapeutics. ABT is delving into two key areas by acquiring FACT: immunology and oncology.
It appears that ABT made a good purchase, as it will expand into these two key areas, making the firm's offerings more diverse. ABT believes that the acquisition "will further strengthen Abbott's biologics capabilities and pharmaceutical pipeline." Adding the oncology and immunology offerings to ABT's treatments for pain, Alzheimer's, schizophrenia, and hepatitis C makes for a rather impressive lineup.
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