SOURCE: Facet Biotech Corporation

Facet Biotech Corporation

December 03, 2009 18:15 ET

Facet Biotech Advises Stockholders to Take No Action in Response to Revised Biogen Idec Tender Offer

REDWOOD CITY, CA--(Marketwire - December 3, 2009) - The board of directors of Facet Biotech Corporation (NASDAQ: FACT) today recommended that Facet Biotech's stockholders take no action at this time in response to the announcement by Biogen Idec Inc. (NASDAQ: BIIB) that it has revised its unsolicited conditional tender offer to acquire all of Facet Biotech's outstanding shares of common stock for $17.50 per share in cash. Biogen Idec's previous offer was $14.50 per share in cash.

Consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, Centerview Partners LLC and Simpson Thacher & Bartlett LLP, respectively, Facet Biotech's board will review and consider Biogen Idec's revised offer, and will advise Facet Biotech's stockholders of the board's recommendation regarding the revised offer as well as its reasons for that position.

About Facet Biotech

Facet Biotech is a biotechnology company dedicated to advancing its pipeline of five clinical-stage products, leveraging its research and development capabilities to identify and develop new oncology drugs and applying its proprietary next-generation protein engineering technologies to potentially improve the clinical performance of protein therapeutics.

NOTE: Facet Biotech and the Facet Biotech logo are considered trademarks of Facet Biotech Corporation.

Forward-looking Statements

This press release contains forward-looking statements of Facet Biotech that are not historical facts. These forward-looking statements may be identified by words such as "anticipate," "expect," "suggest," "plan," "believe," "intend," "estimate," "target," "project," "could," "should," "may," "will," "would," "continue," "forecast," and other similar expressions. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Various factors may cause differences between current expectations and actual results, including risks and uncertainties associated with Biogen Idec's revised tender offer. Other factors that may cause Facet Biotech's actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are discussed in Facet Biotech's filings with the Securities and Exchange Commission (SEC), including the "Risk Factors" sections of the Company's periodic reports on Form 10-K and Form 10-Q filed with the SEC. Copies of Facet Biotech's filings with the SEC may be obtained at the "Investors" section of Facet Biotech's website at Facet Biotech's expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Facet Biotech's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based for any reason, except as required by law, even as new information becomes available or other events occur in the future. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.

Contact Information

  • Contacts:

    Jean Suzuki
    Investor Relations
    (650) 454-2648

    MacKenzie Partners
    Dan Burch/Larry Dennedy
    (800) 322-2885

    Brunswick Group
    Steve Lipin/Cindy Leggett-Flynn
    (212) 333-3810