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Abbott Enhances Pharmaceutical Pipeline with Acquisition of Facet Biotech
Date:3/9/2010

tage pharmaceutical pipeline.  Abbott will acquire Facet for $27 per share in cash for a net transaction value of approximately $450 million, which includes a purchase price of approximately $722 million less Facet's projected cash and marketable securities at closing of approximately $272 million.  

The acquisition brings access to biologics in two key therapeutic areas, immunology and oncology.  The compounds include daclizumab – a Phase II investigational biologic intended to treat multiple sclerosis (MS) that is expected to move into Phase III development in the second quarter 2010 – and oncology compounds in early- to mid-stage development.  Daclizumab is being developed in collaboration with Biogen Idec and certain oncology compounds are being developed in collaboration with other parties.

"This acquisition will further strengthen Abbott's biologics capabilities and pharmaceutical pipeline," said John Leonard, M.D., senior vice president, global pharmaceutical research and development, Abbott.  "Daclizumab is a promising treatment for multiple sclerosis, a disease that has a significant unmet medical need, and has the potential to become an important treatment option for patients.  We continue to explore multiple mechanisms to treat autoimmune diseases and cancer with both biologic and small molecule approaches."


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