Facet Biotech investor drops stake, weighs in on Biogen Idec offer

By Lisa Kerner

Charlotte, N.C., Sept. 9 - Facet Biotech Corp. shareholder the Baupost Group, LLC said it spoke with members of the company's management as well as a representative of Biogen Idec Inc. to discuss Biogen's Sept. 4 offer for Facet.

As previously reported, Facet rejected Biogen's offer to acquire the company's outstanding shares for $14.50 each in cash.

Baupost intends to continue to have discussions with the parties and possibly others about the offer and Facet's plans, according to a schedule 13D/A filed on Wednesday with the Securities and Exchange Commission.

Also in the filing Baupost reported the sale of 1,173,819 shares of Facet on Sept. 4 priced from $15.39 to $15.50 each.

Baupost beneficially owns 3,506,875 shares, or 14.28%, of the Redwood City, Calif., biotechnology company.

Biogen Idec is a Cambridge, Mass.-based pharmaceutical company.

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