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Abbott to buy Facet

10-Mar-2010

Related topics: Regulatory & Safety

Abbott is strengthening its multiple sclerosis and oncology pipeline by agreeing to acquire Facet Biotech for a net value of approximately $450m (€330m).

Facet’s portfolio includes daclizumab, a biologic for treating multiple sclerosis (MS), which is expected to move into Phase III in the second quarter of 2010. Biogen is collaborating on the development of daclizumab and attempted to buy Facet last year.

 

The biotech also some oncology compounds that are being developed with other parties. These compounds are targeting various cancers, including multiple myeloma and chronic lymphocytic leukemia, and Abbott believes they compliment its existing pipeline.

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