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Abbott Labs in £300m Facet buyout


Pharmaceutical company Abbott Laboratories has reached a deal to buy Facet Biotech for an estimated £300 million, it has been announced.

The acquisition will see Abbott venture further into the biotechnology treatment field, as well as adding a potential multiple sclerosis drug to its treatment stable.

Facet and partner Biogen Idec had hoped to move the potential treatment, daclizumab, into late-stage development within the next few months. The company also has a potential cancer treatment in development.

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Abbott, based in Chicago, Illinois, valued the deal at a total of £483 million, a price that came down once Facet’s marketable securities and projected cash were deducted.

The buy-out will not affect the company’s profit expectations for 2010, although a one-off sum will undoubtedly be charged.

Facet, based in California, was advised by Centerview Partners throughout negotiations.

Copyright Press Association 2010
Abbott Laboratories
Facet Biotech

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