Biogen Idec, Evotec, Facet Biotech deal

Facet said its board rejected an unsolicited offer from partner Biogen Idec to acquire Facet for $14.50 per share as "inadequate." Facet said the proposal represents "only the cash on our balance sheet and fails to attribute any value to daclizumab, or to the rest of our existing R&D pipeline and platform." The bid, made earlier this month, values Facet at about $356.1 million. At June 30, Facet had $371.1 million in cash, including long-term marketable securities and restricted cash (see BioCentury, Sept. 7). ...