Abbott Laboratories (ABT) Agrees To Buy Facet Biotech Corporation (FACT)

Abbott Laboratories (NYSE: ABT) has reached an agreement to buy Facet Biotech Corporation (NASDAQ: FACT) for $450 million. Abbott will be paying a premium of 67% on Facet’s closing price on Tuesday. The deal is expected to close in the second-quarter. According to Michael King, analyst at Merriman Curhan Ford & Co., the deal is good for Abbott as it will get half the worldwide rights to a potential blockbuster drug in the immunotherapy market. Shares of Facet Biotech reached $27.06 on the news of the acquisition, while Abbott declined to $54.21, in afterhours trading.