Key Developments: Facet Biotech Corporation (FACT.O)
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Latest Key Developments
Facet Biotech Corporation Stockholders Reject Biogen Idec Inc. Tender Offer
Facet Biotech Corporation announced that the stockholders of the Company have rejected Biogen Idec's unsolicited tender offer and that Biogen Idec has terminated its tender offer.
Facet Biotech Corporation Enters Agreement With The Baupost Group To Allow Purchase of Additional Shares
Facet Biotech Corporation announced that in response to a request from The Baupost Group, L.L.C., the Company has agreed to amend its Rights Agreement to permit Baupost to purchase a number of additional shares without the rights under the Rights Agreement becoming exercisable. Baupost beneficially owned 3,506,875 shares of Facet Biotech common stock on December 16, 2009, which represents approximately 14.0% of the total shares outstanding. The amendment will increase the ownership limit for Baupost from 15% to 20% of the total outstanding shares of Facet Biotech common stock. As part of this arrangement, Baupost has agreed that it will vote any shares it owns in excess of 15% of the outstanding common stock either in the same proportion as other Facet stockholders or in accordance with the recommendation of Facet's board, at Baupost's election. Baupost has informed the Company that it does not intend to tender its shares of common stock into Biogen Idec's $17.50 per share tender offer. Centerview Partners is serving as financial advisor and Simpson Thacher & Bartlett LLP is serving as legal advisor to the Company.
Biogen Idec Inc. Stands Ready To Close Its $17.50 All Cash Tender Offer For Facet Biotech Corporation
Biogen Idec Inc. announced that it is prepared to run a proxy contest to replace at least a majority of the directors of the Board of Facet Biotech Corporation if: Facet shareholders tender a majority of Biogen Idec's shares outstanding before Biogen Idec's tender offer expires and the Facet Board refuses to listen to the explicit wishes of its stockholders. Biogen Idec reiterated that its all-cash $17.50 per share tender offer for Facet represents its final offer. Biogen Idec believes its offer fairly values Facet. Biogen Idec noted that the only conditions that remain to be satisfied, based on the facts known by it, are: (1) that a majority of the shares be tendered and (2) that the Facet Board redeems the share purchase rights and approve the offer for purposes of the Delaware takeover statute. Biogen Idec urges Facet stockholders to tender their shares before the offer's scheduled expiration date - midnight December 16, 2009. If a majority of shares are not tendered, Biogen Idec will allow its tender offer to expire.
Facet Biotech Corporation's Board of Directors Unanimously Rejects Biogen Idec Inc's Revised, Unsolicited Tender Offer As Inadequate
Facet Biotech Corporation announced that its Board of Directors has unanimously recommended that its stockholders not tender their shares into, and reject the unsolicited, revised, conditional tender offer from Biogen Idec Inc. to acquire all of the outstanding shares of Facet Biotech common stock for $17.50 per share in cash. The Bard, with the assistance of its financial and legal advisors, determined that the revised offer is inadequate and not in the best interests of Facet Biotech's stockholders.
Facet Biotech Corporation Presents Scientific Data Regarding Protein Engineering Technologies
Facet Biotech Corporation announced its presentation of data regarding the Company's protein engineering capabilities, including its PxP engineering technology, and identification of multiple novel optimized variants of four commercial antibodies: bevacizumab (Avastin), cetuximab (Erbitux), adalimumab (Humira) and omalizumab (Xolair). The data were presented at the 2009 IBC Antibody Engineering and Therapeutics Conference in San Diego. Facet Biotech's protein engineering technologies, including its PxP technology, offer the ability to efficiently and comprehensively map the entire protein to determine the tolerability to mutation of each amino acid in order to identify large numbers of novel, higher affinity point mutations, reduce immunogenicity, improve half-life and engineer cross-reactivity.
Trubion Pharmaceuticals, Inc. And Facet Biotech Corp. Announce Presentation Of Positive TRU-016 Data
Trubion Pharmaceuticals, Inc. and Facet Biotech Corp. announced the presentation of positive data from a phase 1 study of TRU-016 in patients with relapsed and refractory chronic lymphocytic leukemia (CLL) at the 2009 American Society of Hematology (ASH) Annual Meeting. TRU-016 is a CD37-directed Small Modular ImmunoPharmaceutical (SMIP) protein therapeutic in development for the treatment of B-cell malignancies. Data were presented today for 33 patients enrolled in the phase 1 TRU-016 dose escalation trial (abstract 3424). A majority of patients (20/33) had high-risk genomic features associated with a poor prognosis and had received multiple prior therapies. Evidence of TRU-016 biological activity was seen beginning with patients dosed at the 0.3 mg/kg dose level, including in high-risk patients. Partial response (PR) was observed in five patients, including one patient with the 17p deletion cytogenetic abnormality. Partial response was determined following investigator assessment and the two-month confirmation of these responses is pending. Two patients with leukemia cutis experienced clearing, one complete and one partial. At the 10 mg/kg dose, four of five patients with elevated peripheral lymphocyte counts were reduced to normal levels. A total of 16 serious adverse events have been reported. The maximum tolerated dose (MTD) has not yet been reached.
Facet Biotech Corporation And Bristol-Myers Squibb Co. Reported Promising Phase I/II Interim Data For Elotuzumab In Patients With Relapsed Multiple Myeloma
Facet Biotech Corporation And Bristol-Myers Squibb Co. announced that the data from a Phase I/II study of elotuzumab, an investigational humanized antibody being studied for the treatment of relapsed multiple myeloma (MM), were presented today at the American Society of Hematology (ASH) 2009 Annual Meeting in New Orleans. The ongoing Phase I/II study of elotuzumab plus lenalidomide and low-dose dexamethasone evaluated multiple doses of elotuzumab in patients with multiple myeloma. The interim results given as an oral presentation showed that of the 28 treated patients in the trial, 23 (82%) had an objective response (OR) by International Myeloma Working Group (IMWG) criteria. A subset analysis showed that of 22 patients who had not previously received lenalidomide treatment, 21 patients (95%) achieved an OR. No dose-limiting toxicities (DLT) were reported in the study up to the highest dose level of 20 mg/kg and a maximum-tolerated dose (MTD) was not established. Two patients experienced serious adverse events of allergic reactions that were related to elotuzumab and were withdrawn from the study. These adverse events resolved with treatment. In addition, other adverse events reported for the combination of lenalidomide, dexamethasone and elotuzumab, regardless of causality to disease or study drugs, included fatigue, diarrhea, constipation, myelosupression, nausea, muscle spasms, fever, chills and dyspnea. Enrollment for the Phase I portion of the study is completed.
Biogen Idec Inc. Increases Offer To Acquire Facet Biotech Corporation
Biogen Idec Inc. announced that it has increased its offer to purchase all of the outstanding shares of Facet Biotech Corporation to $17.50 per share in cash, representing an increase of $3.00 per share, or 21%, over its previous offer. The offer provides a premium of approximately 98% over the closing price of Facet Biotech`s common stock on September 3, 2009, the day before Biogen Idec announced its proposal to acquire all of the outstanding shares of Facet Biotech common stock.
Facet Biotech Corporation's Board of Directors Recommends Stockholders Continue To Reject Biogen Idec Inc.'s Tender Offer
Facet Biotech Corporation announced that it has responded to Biogen Idec Inc.'s announcement that it is extending its unsolicited tender offer to acquire all of the outstanding shares of Facet Biotech common stock for $14.50 per share in cash. Facet Biotech Corporation's Board of Directors reviewed and determined to not be in Facet Biotech stockholders' best interests and which an overwhelming majority of Facet Biotech's stockholders have rejected by not tendering their shares.
Biogen Idec Inc. Extends Offer To Acquire Facet Biotech Corporation for $14.50 Per Share in Cash
Biogen Idec Inc. announced that it has extended the tender offer by its wholly owned subsidiary, FBC Acquisition Corp., to purchase all of the outstanding shares of Facet Biotech Corporation to December 16, 2009, unless otherwise extended. The tender offer was previously set on October 19, 2009. The offer price remains unchanged at $14.50 in cash.
First Albany sees charge from New York move, cuts
NEW YORK, Oct 17 (Reuters) - First Albany Cos Inc , a small U.S. investment banking firm, said on Wednesday its plan to move its headquarters to New York City and cut jobs will result in a charge to earnings.
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