Abbott Close To Finalizing Facet Buyout

Drug and medical product developer said its $450 million buyout of Facet Biotech passed antitrust regulatory waiting period and expects to close deal April 19.

NORTH CHICAGO, Ill. (AP) -- Drug and medical product developer Abbott Laboratories said Thursday its $450 million buyout of Facet Biotech Corp. has passed an antitrust regulatory waiting period.

In March, Abbott said it would buy Facet for a $27 per share in cash. That marked a 67 percent premium to Facet's closing price on the day the offer was made.

Abbott began its tender offer on March 23 and expects it to close April 19. The company gains access to biotechnology drugs through the buyout, including a potential treatment for multiple sclerosis.

The buyout follows last December's rejection by Facet shareholders of a buyout offer of $17.50 per share from Biogen Idec.

Abbott's tender offer is being made by Amber Acquisition Inc.

Shares of Facet, based in Redwood City, Calif., fell a penny to $26.97 in midday trading. Abbott shares fell 27 cents to $52.23.

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