Abbott Laboratories announced Tuesday plans to purchase Facet Biotech Corp. for the price of $450 million dollars. Abbott Laboratories located in North Chicago, Illinois and is one of the United States' largest drug and medical products companies. Abbott Labs will further the expanding field of biotechnology drugs and hopes to find treatments for various illnesses, primarily multiple sclerosis and cancer. Facet Biotech Corp has created the drug daclizumab and it's in it's on its way for "late stage development" later in 2010. The company also has many potential cancer treatments in different stages of developement.
Abbott's purchase of Facet Biotech will be at $27 per share. Facet Biotech's closing price at the end of trade business on Tuesday was $16.21. The buyout has been approved by board of directors from Abbott and Facet Biotech and will cost approximately $722 million dollars if the deal does not fall through. Last year Facet Biotech rejected an offer by Biogen Idec that would have paid out $17.50 per share of the company.