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Abbott completes acquisition of Facet Biotech

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ABBOTT PARK, Ill. Abbott has finished its $450 million acquisition of Facet Biotech, the drug maker said Wednesday, saying the deal would beef up its pipeline of drugs for autoimmune disorders and cancer.

Facet’s drugs include daclizumab, a monoclonal antibody for treating multiple sclerosis in mid-stage clinical development and expected to enter late-stage development in second quarter 2010, and drugs for such cancers as multiple myeloma and chronic lymphocytic leukemia in early- and mid-stage development.

“Facet’s depth of biologics experience and sophisticated antibody engineering platforms complement Abbott’s current R&D programs in oncology, immunology and other therapeutic areas,” Abbott SVP global pharmaceutical research and development John Leonard said.

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