Abbott boosts pipeline with biotech acquisition

pharmafile | March 10, 2010 | News story | Research and Development, Sales and Marketing Abbott, Facet Biotech, daclizumab, volociximab 

Abbott is to acquire US company Facet Biotech in a $450 million deal that will boost its oncology and immunology pipeline.

The pharma company will gain multiple sclerosis candidate daclizumab and the potential solid tumour treatment volociximab.

Both are currently in phase II development but daclizumab, which Facet is jointly developing with Biogen Idec, is expected to move into phase III in the second quarter of this year.

“This acquisition will further strengthen Abbott’s biologics capabilities and pharmaceutical pipeline,” said John Leonard, senior vice president, global pharmaceutical research and development, Abbott.

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“Daclizumab is a promising treatment for multiple sclerosis, a disease that has a significant unmet medical need, and has the potential to become an important treatment option for patients.”

Abbott will also acquire early-stage oncology treatments elotuzumab for multiple myeloma and PDL 192 for solid tumours, both of which are in phase I trials.

Faheem Hasnain, president and chief executive of Facet Biotech, said: “Abbott’s depth of expertise in immunology and oncology makes it an excellent organisation to maximise the full potential of these promising clinical programmes and technologies.”

Facet’s purchase price will be approximately $722 million, less its projected cash and marketable securities at closing of approximately $272 million.

The transaction is expected to close in the second quarter of this year.

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