But is this biotech soap opera really nearing its season finale? Analysts aren't so sure.
In case you missed the first few dramatic episodes, here's a recap:
- Biogen proposed to Facet with a $15-per-share acquisition offer
- Facet went behind Biogen's back to engage in some torrid partnering activity with Trubion Pharmaceuticals
- Scandalized, Biogen lowered its offer to $14.50
- Facet refused, leaving Biogen at the alter
- Biogen sought to turn Facet's children against it with a hostile takeover
- Paternity testing revealed that Biogen and Facet are actually related (this is kind of true: Facet President and CEO Faheem Hasnain used to head oncology at Biogen)
- Facet's true love, who was assumed to be dead, was actually alive but suffering from amnesia (ok, I made that part up).
We already own a 50% interest in daclizumab--We do not intend to overpay for the rest. -- If Facet stockholders choose not to accept our offer, they will bear--100% of the risks associated with Facet's interest in other development stage drugs.To which Merriman Curhan Ford analyst Michael King responded:
GASP!! You mean biotech companies LOSE MONEY and shareholders have to TAKE RISK?!?!?BNET predicted that Biogen would blink first in this game of chicken, but King doesn't think the firm's $17.50-per-share "best and final offer" is good enough. It may be 98 percent above where Facet was trading before the saga began, but it's a measly two percent premium to Facet's Thursday closing price. King told BioWorld Today he thinks "something in the 20s" is needed to get the job done.