The Cambridge, MA-based Biogen Idec (NASDAQ: [[ticker:BIIB]]) today began a $14.50-per-share tender offer for Redwood City, CA-based Facet Biotech (NASDAQ: [[ticker:FACT]]). Biogen initially proposed to acquire the California company, its partner in developing a new antibody drug for multiple sclerosis, on September 4, but Facet’s board rejected the deal, which is worth about $355 million in total, on September 8. Under the terms of the tender offer, Facet shareholders will have until October 19 to decide for themselves if they think Biogen’s offer is a good one.
Author: Rebecca Zacks
Rebecca is Xconomy's co-founder. She was previously the managing editor of Physician's First Watch, a daily e-newsletter from the publishers of New England Journal of Medicine. Before helping launch First Watch, she spent a decade covering innovation for Technology Review, Scientific American, and Discover Magazine's TV show. In 2005-2006 she was a Knight Science Journalism Fellow at MIT. Rebecca holds a bachelor's degree in biology from Brown University and a master's in science journalism from Boston University.
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