Abbott Laboratories Inc. announced that the Federal Trade Commission approved, past March, $722M buy out offer for Facet Biotech Corp.

On March 15th.the offer made was valued 27 dollars per share, a 67 percent higher than the closing price of the day before.

The buy out, also, delivers the Chicago based Company control over experimental drug to treat multiple sclerosis, Daclizumab, currently on Phase II clinical, plus an interesting cancer pipeline portfolio.

Daclizumab is Facet´s lead experimental drug, and a monoclonal antibody, according to market analysts its potential is very promising. They say that if the drug shows inflammation reduction associated to multiple sclerosis and efficiency, it could absorb a generous sclerosis market portion, valued in $10.200M

The drug however, is licensed to Biogen Idec, that will have to make an upfront payment of $30M, as soon as the first patient is enrolled in Phase III clinical trial. Biogen also licensed other drug to Facet, Volociximab to treat solid tumors.