So a white knight for Facet Biotech has emerged in the somewhat unlikely shape of Abbott Laboratories (Facet rebuffs Biogen but will white knight emerge?, December 18, 2009). Having fought off an opportunistic $17.50 per share bid from Biogen Idec, Facet’s strong-willed shareholders will now be offered $27 a share by Abbott, valuing the company at $722m, although the net price paid by the US healthcare giant will be closer to $450m considering Facet’s cash pile of $272m.

Facet’s shares opened at $26.94 today, a gain of 66% over yesterday’s close of $16.21, suggesting the market, which so far has been correct in predicting raised or competing offers, expects Abbott’s offer to succeed where Biogen failed. A spin out from PDL BioPharma at the end of 2008 when it floated on the market at around $12 per share, Facet’s life looks like it will be a short but sweet one.