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Facet Biotech rallies shareholders to reject Biogen Idec's approach

 
• By Christopher Spillane

Facet Biotech has urged its shareholders to shun Biogen Idec's $356 million hostile bid for the company. Facet's board was unanimous in its recommendation to rebuff the "inadequate" unsolicited offer, believing it does not reflect the company's value or future prospects.

Facet Biotech has urged its shareholders to shun Biogen Idec's $356 million hostile bid for the company. Facet's board was unanimous in its recommendation to rebuff the "inadequate" unsolicited offer, believing it does not reflect the company's value or future prospects.

Biogen Idec took its $14.50 per share tender offer directly to Facet's shareholders in late September, after the firm's management...

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