Press Release
Abbott Completes Acquisition of Facet Biotech
April 21, 2010
Abbott Park, Illinois (NYSE: ABT)
— Abbott has completed its acquisition of Facet Biotech Corporation,
strengthening its pharmaceutical pipeline in immunology and oncology.
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 MS
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.
About Abbott
Abbott (NYSE: ABT)
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 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 |
(847) 936-9502 |
Financial:
Larry Peepo |
(847) 935-6722 |
