DOW JONES NEWSWIRES
A day after Facet Biotech Corp.'s (FACT) board rejected Biogen Idec Inc.'s (BIIB) raised $420 million acquisition offer, the biotechnology firm again said the bid represents its "best and final offer."
Biogen's shares were recently up 29 cents to $48.55, while Facet's fell 2.8% to $17.46. Facet's stock has surged 85% so far this year.
Last week, Biogen boosted its bid 21% to $17.50 a share after Facet had rebuffed its original offer at $14.50. On Thursday, Facet said the offer was "inadequate," although it opened the possibility of entering due-diligence talks.
On Friday, Biogen encouraged Facet shareholders to tender their shares before the offer expires Dec. 16, saying it "fairly values Facet." Unless holders tender a majority of the outstanding shares by the expiration date, Biogen said it will walk away.
For its part, Facet has argued that Biogen's offer doesn't put much value on its product pipeline and operations. The drug developer has stressed there's continued interest from other potential suitors.
A combination of the two biotechnology firms, which already collaborate on multiple sclerosis and oncology drugs, would join companies with focuses on autoimmune disease and cancer.
-By John Kell, Dow Jones Newswires; 212-416-2480; firstname.lastname@example.org