Abbott Laboratories says it will buy Facet Biotech for about $450 million in cash, expanding the company's access to biotechnology drugs, including a potential treatment for multiple sclerosis.
Facet and its partner Biogen Idec plan to move the potential multiple sclerosis drug daclizumab into late-stage development in the second quarter. The company also has potential cancer treatments in various stages of development with other partners.
Abbott will pay $27 per share, marking a 67 percent premium to Facet's closing price of $16.21 Tuesday. Both boards of directors have already approved the deal, which is expected to close in the second quarter.