Abbott Completes Acquisition of Facet Biotech

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Apr 21, 2010, 03:05 ET

ABBOTT PARK, Ill., April 21 /PRNewswire-FirstCall/ -- Abbott (NYSE: ABT) 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 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.

About Abbott

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.

SOURCE Abbott