Facet Biotech Corp – Abbott Buyout Deal

Facet Biotech Corp. will be’ bought for $450 million in cash by Abbott Laboratories.

Abbott to pay $450 million for Facet Biotech

Abbott, based in North Chicago, Ill., valued the transaction at about $722 million, less Facet’s projected cash and marketable securities at closing of approximately $272 million.

The deal will not affect Abbott’s prior profit guidance for 2010, the company said, but it will likely prompt a one-time charge. Centerview Partners was the financial adviser to Facet, which is based in Redwood City, Calif.