Merriman Curhan Pounds The Table On Facet Biotechnology (FACT) After Board Formally Rejects Biogen Offer

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Analysts at Merriman Curhan Ford are making positive comments on Facet Biotechnology (Nasdaq: FACT) after the company filed its Schedule 14D-9, in which it put forth its recommendation to shareholders not to tender their shares to Biogen Idec (Nasdaq: BIIB). The firm said this is the right move and are sticking with their $25 sum-of-parts valuation on FACT, saying Biogen will have to pay an amount close to this value if it truly desires to win over FACT shareholders.

Analyst Michael G. King, Jr. said, "No matter how one slices it, FACT shares remain significantly undervalued despite their recent run-up, in our view."

The firm notes the company is in discussions with multiple parties for the licensing of its drug discovery platform. Other highlights the firm cited include:

• Facet is in discussion with parties that may have an interest in subleasing some of the company’s excess real estate.
  
• Biogen’s offer for Facet suggests there is a high likelihood of success for the use of daclizumab in the treatment of multiple sclerosis.
  
• Pipeline has substantial value.
  
• More convinced than ever that the shares of Facet Biotech are fundamentally undervalued, and would continue to be buyers of the stock.

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