Drug and Medical – Abbott paying $450 million for Facet Biotech

Category Business, Health | Wednesday, March 10th, 2010

NEW YORK — Drug and medical products company Abbott Laboratories said Tuesday it will buy Facet Biotech Corp. for about $450 million in cash, expanding the company’s access to biotechnology drugs, including a potential treatment for multiple sclerosis.

Facet and its partner Biogen Idec plan to move the potential multiple sclerosis drug daclizumab into late-stage development in the second quarter. Facet also has potential cancer treatments in various stages of development with other partners.

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