Singapore, Mar 10, 2010: Abbott is buying Facet Biotech for $450 million enhancing its early- and mid-stage pharmaceutical pipeline.

The acquisition brings access to biologics in two key therapeutic areas, immunology and oncology. The compounds include daclizumab - a phase II investigational biologic intended to treat multiple sclerosis (MS) that is expected to move into phase III development in the second quarter 2010 - and oncology compounds in early- to mid-stage development. Daclizumab is being developed in collaboration with Biogen Idec and certain oncology compounds are being developed in collaboration with other parties.

"This acquisition will further strengthen Abbott's biologics capabilities and pharmaceutical pipeline," said John Leonard, senior vice president, global pharmaceutical research and development, Abbott. "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. We continue to explore multiple mechanisms to treat autoimmune diseases and cancer with both biologic and small molecule approaches."

"We believe this transaction provides full and fair value for our stockholders and validates the potential of Facet's clinical and technology assets, all of which has resulted from the effort and dedication of our employees," said Faheem Hasnain, president and chief executive officer, Facet Biotech. "Abbott's depth of expertise in immunology and oncology makes it an excellent organization to maximize the full potential of these promising clinical programs and technologies."

Facet's oncology collaborations include early- and mid-stage compounds that are being studied to treat different types of cancer, including multiple myeloma and chronic lymphocytic leukemia.