|Acquired by||Abbott Labs|
Facet Biotech Corporation, a biotechnology company, engages in the identification and development of oncology drugs. Facet was formed through a spin-off of the biotechnology segment of PDL BioPharma, Inc., which was completed on December 18, 2008. It was subsequently acquired by Abbott Labs. The company is headquartered in Redwood City, California.
Its products in development include Daclizumab, a monoclonal antibody in Phase IIb clinical studies that binds to the alpha chain of the interleukin-2 receptor on activated T cells; and Volociximab, a chimeric monoclonal antibody in Phase I clinical studies that inhibits the functional activity of a protein in activated endothelial cells. The company is also developing Elotuzumab, a monoclonal antibody in Phase I/II clinical studies, which binds to a cell surface glycoprotein that is expressed on myeloma cells and normal human cells; PDL192, a monoclonal antibody in Phase I clinical study, which binds to the tumor necrosis factor-like weak inducer of apoptosis receptor; PDL241, a monoclonal antibody in the preclinical stage for immunologic diseases; and TRU-016, a small modular immunopharmaceutical protein therapeutic in Phase I clinical studies for the treatment of B-cell malignancies, such as chronic lymphocytic leukemia and non-Hodgkin’s lymphoma, as well as autoimmune and inflammatory disease indications. It has collaboration agreements with Biogen Idec Inc.; Bristol-Myers Squibb Company; and Trubion Pharmaceuticals, Inc. Facet Biotech Corporation also has license agreements with Abbott Laboratories, Inc.; Actinium Pharmaceuticals, Inc.; Genentech, Inc.; Ophthotech Corporation; Progenics Pharmaceuticals, Inc.; and Seattle Genetics, Inc.