FACET BIOTECH

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](/organization/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.More