ARTICLE | Company News

Facet in deal with second shareholder

December 17, 2009 1:40 AM UTC

Facet Biotech Corp. (NASDAQ:FACT) agreed to allow its second-largest shareholder, The Baupost Group LLC, to increase its stake in the company from 14% to up to 20% without triggering Facet's rights agreement. The current ownership limit is 15%. As part of the agreement, Facet said Baupost would vote any shares it owns in excess of 15% in the same proportion as other shareholders or in accordance with the recommendation of Facet's board. On Tuesday, Facet announced a similar agreement with its largest shareholder, Biotechnology Value Fund (BVF) (See BioCentury Extra, Tuesday, Dec. 15, 2009). ...