Item 7.01 Regulation FD Disclosure.

On September 8, 2009, Facet Biotech Corporation ("Facet") issued a press release stating that Facet's board of directors, in consultation with its financial and legal advisors, has rejected Biogen Idec's all-cash offer of $14.50 per share as not in the best interests of stockholders. The text of the press release is set forth as Exhibit 99.1.

The Company is furnishing the information in this Current Report on Form 8-K and in Exhibit 99.1 to comply with Regulation FD. Such information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

Exhibit No. Description
99.1 Press Release issued by Facet Biotech Corporation on September 8, 2009.

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