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Pharmaceutical

Biogen starts hostile tender offer for Facet

September 21, 2009
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Biogen Idec Inc. made a hostile bid for Facet Biotech Corp., taking its $356 million offer directly to Facet''s shareholders, reports the Associated Press. Biogen said it started a tender offer for Facet shares that will expire on Oct. 19. Facet management has turned down Biogen''s offer, which values the Redwood City, Calif.-based company at $14.50 per share. Biogen Idec CEO James Mullen said the offer "makes compelling business sense" for both companies and is in the interest of their shareholders. Cambridge, Mass.-based Biogen went public with the bid on Sept. 4. Facet rejected it Sept. 8, saying it undervalued the company.

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