Biogen Says Facet Buyout Offer Is Final

Biogen Idec (NASDAQ: BIIB) said its current $420 million buyout bid for Facet Biotech (NASDAQ: FACT) is its “best and final offer”. Biogen’s offer amounts to $17.50 per share. This figure was raised after its original bid of $14.50 was refused by FACT. BIIB’s current offer is in force until December 16. The company claims that it will walk away if the offer is not accepted. Facet has characterized the current bid as “inadequate.” Biogen is trading up 53 cents on the day to $48.79. FACT is down nearly twice that, (92 cents) to $17.05.