Transaction Valuation* | Amount of Filing Fee | ||||
$367,498,019.50 |
$20,506.39 | ||||
* | Estimated for purposes of calculating the amount of the filing fee only. The amount of the filing fee is calculated by multiplying the total transaction value by 0.00005580. The transaction value was calculated by adding the sum of (i) 24,559,791 shares of common stock, par value $0.01 (Common Stock), of Facet Biotech Corporation (the Company) reported by the Company to be outstanding as of July 31, 2009, less 100 shares of Common Stock owned by Biogen Idec Inc., and multiplied by $14.50 (the offer price per share), and (ii) 785,000 shares that may be subject to issuance pursuant to the exercise of stock options reported by the Company to be exercisable as of June 30, 2009, multiplied by $14.50 (the offer price per share). |
þ | Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
Amount Previously Paid: $20,506.39. | Filing Party: Biogen Idec Inc./FBC Acquisition Corp. | ||
Form or Registration No.: Schedule TO. | Date Filed: Sept. 21, 2009. |
o | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
þ | third-party tender offer subject to Rule 14d-1. | ||
o | issuer tender offer subject to Rule 13e-4. | ||
o | going-private transaction subject to Rule 13e-3. | ||
o | amendment to Schedule 13D under Rule 13d-2. |
o | Rule 13e-4(i) (Cross-Border Issuer Tender Offer) | ||
o | Rule 14d-1(d) (Cross-Border Third Party Tender Offer) |
Items 1 through 9 and Item 11 | ||||||||
Item 12. Exhibits | ||||||||
SIGNATURE | ||||||||
EXHIBIT INDEX | ||||||||
EX-(a)(5)(3) - Presentation regarding proposed Biogen Idec Inc. Acquisition of Facet Biotech Corporation, dated September 2009 |
(a)(5)(3)
|
Presentation regarding proposed Biogen Idec Inc. Acquisition of Facet Biotech Corporation, dated September 2009. |
BIOGEN IDEC INC. |
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By: | /s/ Robert A. Licht | |||
Name: | Robert A. Licht | |||
Title: | Senior Vice President | |||
FBC ACQUISITION CORP. |
||||
By: | /s/ Robert A. Licht | |||
Name: | Robert A. Licht | |||
Title: | Vice President and Assistant Secretary | |||
(a)(1)(A)
|
Offer to Purchase dated September 21, 2009.* | |
(a)(1)(B)
|
Letter of Transmittal.* | |
(a)(1)(C)
|
Notice of Guaranteed Delivery.* | |
(a)(1)(D)
|
Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.* | |
(a)(1)(E)
|
Form of Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.* | |
(a)(1)(F)
|
IRS Form W-9 (Request for Taxpayer Identification Number and Certification), including instructions for completing the form.* | |
(a)(5)(1)
|
Summary Advertisement, published September 21, 2009.* | |
(a)(5)(2)
|
Press Release issued by Biogen Idec Inc. on September 21, 2009.* | |
(a)(5)(3)
|
Presentation regarding proposed Biogen Idec Inc. Acquisition of Facet Biotech Corporation, dated September 2009. | |
(b)
|
None. | |
(d)
|
None. | |
(g)
|
None. | |
(h)
|
None. |
*Previously filed under cover of Schedule TO on September 21, 2009.
Biogen Idec Acquisition of Facet Biotech September 2009 |
SEC Disclosure During this presentation, we anticipate making projections and forward looking statements that are based on management's current expectations, but actual results may differ materially due to various factors. For example, our results - alone or following the completion of this acquisition - may be affected by competitive developments, the timing and success of new product launches, regulatory and legal matters, patent disputes, government investigations, government actions regarding pricing, importation and reimbursement, changes in tax law, acquisitions, business development transactions, the state of the financial markets and the impact of exchange rates. Also the proposed acquisition is subject to a successful tender offer and antitrust clearance and may be subject to Facet Biotech shareholder approval, none of which can be guaranteed. For additional information about relevant risk factors, please refer to both Biogen Idec's and Facet Biotech's Forms 10-K and 10-Q. In addition, the information we provide about our products and pipeline is for the benefit of the investment community. It is not intended to be promotional and is not sufficient for prescribing decisions. |
Transaction delivers a significant and certain premium today vs. risks in Facet Biotech remaining independent Facet Biotech has a stated focus in oncology, raising questions about its commitment and focus on daclizumab Significant risks exist to the development of Facet Biotech's pipeline Transaction allows Biogen Idec to optimize development of Facet Biotech's clinical programs Facet Biotech will likely need additional dilutive financing, having indicated its cash is expected to last only until the end of 2012, well before commercialization is expected Transaction Rationale |
$14.50 Biogen Idec cash offer 64% premium to 9/3/09 close Facet Biotech 2009 YTD Stock Price Graph Offer of $14.50 per share represents a 64% premium to previous close and 70% premium to average closing price for 2009 Offer is significantly above Facet Biotech's net cash and ascribes meaningful value to Facet Biotech's operating assets Facet Biotech's Stock Price Driven By Biogen's Offer |
Offer Price Considerations Clinical Pipeline Source: Facet Biotech SEC filings $208 million of lease and other lease-related obligations $12 million of obligations related to manufacturing, post- retirement benefits and other obligations Significant On and Off- Balance Sheet Liabilities Offer price ascribes meaningful value to Facet Biotech's operating assets including: Risk-adjusted value of daclizumab and additional pipeline programs Probability-adjusted milestone payments Technology platform Synergies opportunity Clinical Pipeline Cash lasts only until end of 2012, well before commercialization is expected Suggests dilutive capital raise needed before becoming cash flow positive $8 million monthly burn for the remainder of 2009 Trubion collaboration accelerates cash burn through $30 million spent upfront, plus ongoing development costs and milestone payments Cash Burn |
Significant Development Risks Remain Source: Facet Biotech SEC filings SELECT trial's Safety Monitoring Committee conducted an interim futility analysis and recommended continuation of the trial; the trial remains blinded Regulatory approval requires completion of a second daclizumab phase 3 trial Volociximab currently in phase 1 and phase 1/2 open-label trials |
Compelling Combination Biogen Idec is committed to completing the Facet Biotech transaction Value creation for both Biogen Idec and Facet Biotech stockholders Strong strategic fit with multiple sclerosis franchise Augments existing antibody capabilities |