Abbott to acquire Facet Biotech

10-Mar-2010

The deal provides a promising biologic to treat multiple sclerosis.

Abbott, the US-based drug and medical products company, is to buy Facet Biotech Corporation of Redwood, California, for about US$450m, expanding the company's access to biologics in two key therapeutic areas of immunology and oncology.

The compounds include daclizumab - a Phase II investigational biologic intended to treat multiple sclerosis (MS) that is expected to move into Phase III development in the second quarter of 2010 - and oncology compounds in early- to mid-stage development. Daclizumab is being developed with Biogen Idec and Facet also has potential cancer treatments in various stages of development with other partners.

"This acquisition will further strengthen Abbott's biologics capabilities and pharmaceutical pipeline," said John Leonard, Abbott's senior vice president, global pharmaceutical research and development.

The transaction is expected to close in the second quarter of 2010.

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