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Home Industry News Abbott to purchase Facet Biotech

Abbott to purchase Facet Biotech

10th March 2010

Abbott has agreed a deal to acquire the biotechnology company Facet Biotech in a deal valued at approximately $450 million (301.8 million).

The transaction, which is expected to close in the second quarter of the year depending on regulatory approval, is designed to allow Abbott to enhance its pharmaceutical pipeline.

Facet is currently developing a number of clinical-stage products in the fields of immunology and oncology, such as multiple sclerosis drug daclizumab, which is expected to move into phase III development soon.

Dr John Leonard, senior vice-president of global pharmaceutical research and development at Abbott, highlighted this treatment as an example of how the acquisition will strengthen the company’s portfolio.

He added: “We continue to explore multiple mechanisms to treat autoimmune diseases and cancer with both biologic and small molecule approaches.”

This comes after the company last month completed its purchase of Solvay’s pharmaceuticals business in a transaction worth 4.5 billion euros (4.1 billion pounds).

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