Took Profits in Facet Biotech

I took some small profits in Facet Biotech (Ticker: FACT) today. Biogen Idec (Ticker: BIIB) initiated a hostile tender offer for Facet Biotech (Ticker: FACT) at a price of $14.50 per share, which is really a joke. The probability is that the bickering between the two companies will drag on just a bit longer and Biogen Idec will ultimately raise the price. The risk is that Facet Biotech upsets Biogen Idec and makes them walk away. I made my purchases on 9/8/09 at an average price of $16.337 and sold today at an average price of $16.716 for a net gain of 2.32%. I’ll take this type of return any time over a two week period. Now is not the time to get greedy…