Facet Biotech Board Against Biogen Offer

REDWOOD CITY, Calif. (AP) -- Facet Biotech Corp.'s board of directors on Thursday unanimously recommended that shareholders reject a $356 million hostile takeover bid by Biogen Idec Inc.

On Sept. 21, Biogen launched an unsolicited tender offer of $14.50 per share for Facet stock. Biogen had previously made a similar buyout offer for Facet, but took its offer directly to shareholders after Facet management rebuffed it on Sept. 8.

"We analyzed the unsolicited tender offer put forward by Biogen Idec to our stockholders and determined that $14.50 per share does not reflect the value of our company and its prospects," said Facet President and CEO, Faheem Hasnain, in a statement Thursday.

The tender offer is set to expire Oct. 19.

Shares of Facet closed at $17.29 Tuesday while shares of Cambridge, Mass.-based Biogen closed at $50.52.

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