Biogen Idec's bid for Facet stalled

CAMBRIDGE, Mass. Biotech company Biogen Idec said Tuesday that its $17.50-per-share offer to acquire Facet Biotech Corp. was its “best and final offer,” and that it would replace a majority of Facet’s board of directors if its shareholders tendered a majority of its shares before Biogen Idec’s tender offer expired and Facet’s board refused to “listen to the explicit wishes of its stockholders.”

Biogen Idec said that it would allow the tender offer to expire if the two conditions were not met. Bloomberg quoted an analyst as saying Biogen Idec would have to raise its offer to $22 a share in order to succeed in buying Facet.

Biogen Idec originally offered to acquire Facet for $14.50 per share in early September.