BioCentury
ARTICLE | Finance

Ebb & Flow

September 14, 2009 7:00 AM UTC

Besides rejecting a $14.50 per share takeover bid from Biogen Idec Inc. (NASDAQ:BIIB) last week, Facet Biotech Corp. (NASDAQ:FACT) made a couple of other moves to strengthen its position. The board put a poison pill in place and added a new member with recent experience facilitating an acquisition.

Under a hostile takeover, the poison pill would essentially double the common shares of each Facet shareholder. The provision offers 1/1,000 of a preferred share for each common share held at Sept. 21. Each preferred share would convert into 1,000 common shares...