Abbott to buy Facet Biotech

Abbott Laboratories announced late Tuesday that it had agreed to buy Facet Biotech for a net price of $450 million in cash, in a move aimed at expanding its drug pipeline, including for treatments for multiple sclerosis.

Under the terms of the deal, Abbott will pay $27 for each Facet share, a 67 percent premium over Facet’s closing price of $16.21 on Tuesday. Facet’s shares jumped slightly above Abbott’s offer in after-hours trading, gaining $10.89, or 67.2 percent, to $27.10, in a sign that investors are hoping for a higher bid.

[New York Times]