The Biogen bid was ugly on its face, considering Facet's (current) $12 per share in cash, and the board rejected the bid as greatly undervaluing the company.
They're vindicated today. A few minutes ago Abbott Laboratories (ABT) announced an all-cash deal for Facet of $27 per share, about 54% higher than the previous bid.
"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."
"We believe this transaction provides full and fair value for our stockholders and validates the potential of Facet's clinical and technology assets, all of which has resulted from the effort and dedication of our employees," said Faheem Hasnain, president and chief executive officer, Facet Biotech. "Abbott's depth of expertise in immunology and oncology makes it an excellent organization to maximize the full potential of these promising clinical programs and technologies."
One firm that is enjoying a LOVELY round of high fives is The Baupost Group. Adamantly opposed to the low-ball Biogen bid, Baupost recently convinced the Facet Board to allow them to increase their ownership to 20% of the company.
After that home-run, here's a peek at Baupost's other investments, for those interested. Looks like they invest across the capital structure, and are very concentrated:
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