Abbott Completes Acquisition of Facet BiotechBy Abbott, PRNE
Tuesday, April 20, 2010
ABBOTT PARK, Illinois, April 21, 2010 - Abbott (NYSE: ABT) has completed its acquisition of Facet Biotech
Corporation, strengthening its pharmaceutical pipeline in immunology and
The acquisition provides Abbott with a promising biologic intended to
treat multiple sclerosis (MS) and compounds that complement its existing
diverse oncology program. The new Abbott compounds include daclizumab - a
Phase II investigational biologic intended to treat multiple sclerosis that
is expected to move into Phase III development in the second quarter 2010 -
and oncology compounds in early- to mid-stage development that are being
studied to treat different types of cancer, including multiple myeloma and
chronic lymphocytic leukemia.
"Facet's depth of biologics experience and sophisticated antibody
engineering platforms complement Abbott's current R&D programs in oncology,
immunology and other therapeutic areas," said John Leonard, M.D., senior vice
president, global pharmaceutical research and development, Abbott.
The final step in the acquisition process was a short-form merger of
Amber Acquisition Inc., a wholly-owned subsidiary of Abbott, with and into
Facet Biotech Corporation. As a result of the merger, all outstanding shares
of Facet common stock not tendered in the cash tender offer (other than those
as to which holders properly exercise dissenters' rights) were converted into
the right to receive $27 per share in cash, without interest and subject to
any required withholding taxes.
Abbott is a global, broad-based health care company devoted to the
discovery, development, manufacture and marketing of pharmaceuticals and
medical products, including nutritionals, devices and diagnostics. The
company employs approximately 83,000 people and markets its products in more
than 130 countries.
Abbott's news releases and other information are available on the
company's Web site at www.abbott.com.
Abbott Forward Looking Statement
Some statements in this news release may be forward-looking statements
for purposes of the Private Securities Litigation Reform Act of 1995. Abbott
cautions that these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from those
indicated in the forward-looking statements. Economic, competitive,
governmental, technological and other factors that may affect Abbott's
operations are discussed in Item 1A, "Risk Factors," to our Annual Report on
Securities and Exchange Commission Form 10-K for the year ended Dec. 31,
2009, and are incorporated by reference. Abbott undertakes no obligation to
release publicly any revisions to forward-looking statements as a result of
subsequent events or developments.
Media, Scott Stoffel, +1-847-936-9502, or Financial, Larry Peepo, +1-847-935-6722, both of Abbott
Tags: Abbott, Abbott park, April 21, Illinois, United Kingdom