SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.2)*
FACET BIOTECH CORP
____________________________________________________________
(Name of issuer)
Common Stock
___________________________________________________________
(Title of class of securities)
30303Q103
________________________________________________
(CUSIP number)
Seth A. Klarman
The Baupost Group, L.L.C.
10 St. James Avenue, Suite 1700
Boston, Massachusetts 02116
(617) 210-8300
With a copy to:
Gregory D. Sheehan, Esq.
Ropes & Gray LLP
One International Place
Boston, Massachusetts 02110
__________________________________________________________
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
September 4, 2009
_____________________________________________________________
(Dates of Events which Require Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check
the following box [].
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7
for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act
(however, see the Notes).
SCHEDULE 13D
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1. NAME OF REPORTING PERSONS
The Baupost Group, L.L.C.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(See Instructions) (b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 0
8. SHARED VOTING POWER 3,506,875
9. SOLE DISPOSITIVE POWER 0
10. SHARED DISPOSITIVE POWER 3,506,875
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,506,875
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.28%*
14. TYPE OF REPORTING PERSON (See Instructions)
IA
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* The percentage ownership in the Issuer's Common Stock, $0.01 par value,
is based upon 24,559,791 issued and outstanding shares as reported by the
Issuer in its filing on Form 10-Q for the fiscal quarter ended July 31,
2009.
SCHEDULE 13D
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1. NAME OF REPORTING PERSONS
Baupost Value Partners, L.P.-IV
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(See Instructions) (b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 0
8. SHARED VOTING POWER 1,238,128
9. SOLE DISPOSITIVE POWER 0
10. SHARED DISPOSITIVE POWER 1,238,128
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,238,128
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.04%*
14. TYPE OF REPORTING PERSON (See Instructions) PN
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(*) The percentage ownership in the Issuer's Common Stock, $0.01 par value,
is based upon 24,559,791 issued and outstanding shares as reported by the
Issuer in its filing on Form 10-Q for the fiscal quarter ended July 31,
2009.
SCHEDULE 13D
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1. NAME OF REPORTING PERSONS*
SAK Corporation
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(See Instructions) (b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
N/A
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 0
8. SHARED VOTING POWER 3,506,875
9. SOLE DISPOSITIVE POWER 0
10. SHARED DISPOSITIVE POWER 3,506,875
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,506,875
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.28%*
14. TYPE OF REPORTING PERSON (See Instructions) HC
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(*) The percentage ownership in the Issuer's Common Stock, $0.01 par value,
is based upon 24,559,791 issued and outstanding shares as reported by the
Issuer in its filing on Form 10-Q for the fiscal quarter ended July 31,
2009.
* This statement on Schedule 13D is being jointly filed by The Baupost
Group, L.L.C. ("Baupost"), Baupost Value Partners, L.P.-IV, SAK Corporation and
Seth A. Klarman. Baupost is a registered investment adviser and acts as an
investment adviser to certain investment limited partnerships, including and
Baupost Value Partners, L.P. IV. SAK Corporation is the Manager of Baupost. Mr.
Klarman, as the sole director and sole officer of SAK Corporation and a
controlling person of Baupost, may be deemed to have beneficial ownership under
Section 13(d) of the Securities Exchange Act of 1934 of the securities
beneficially owned by Baupost. Securities reported on this statement on Schedule
13D as being beneficially owned by Baupost include securities purchased on
behalf of various investment limited partnerships, including and Baupost Value
Partners, L.P.-IV.
Pursuant to Rule 13d-4, Seth A. Klarman and SAK Corporation declare that
the filing of this statement on Schedule 13D shall not be deemed an admission by
either or both of them that they are, for the purposes of Sections 13(d) or
13(g) the beneficial owner of any securities covered by this statement on
Schedule 13D, and further state that neither of them have any power to vote or
dispose of, or direct the voting or disposition of, or direct the voting or
disposition of, any of the securities covered by this statement on Schedule 13D.
SCHEDULE 13D
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1. NAME OF REPORTING PERSONS*
Seth A. Klarman
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(See Instructions) (b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
N/A
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 0
8. SHARED VOTING POWER 3,506,875
9. SOLE DISPOSITIVE POWER 0
10. SHARED DISPOSITIVE POWER 3,506,875
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,506,875
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.28%*
14. TYPE OF REPORTING PERSON (See Instructions)
HC
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(*) The percentage ownership in the Issuer's Common Stock, $0.01 par value,
is based upon 24,559,791 issued and outstanding shares as reported by the
Issuer in its filing on Form 10-Q for the fiscal quarter ended July 31,
2009.
* This statement on Schedule 13D is being jointly filed by The Baupost
Group, L.L.C. ("Baupost"), Baupost Value Partners, L.P.-IV, SAK Corporation and
Seth A. Klarman. Baupost is a registered investment adviser and acts as an
investment adviser to certain investment limited partnerships, including and
Baupost Value Partners, L.P. IV. SAK Corporation is the Manager of Baupost. Mr.
Klarman, as the sole director and sole officer of SAK Corporation and a
controlling person of Baupost, may be deemed to have beneficial ownership under
Section 13(d) of the Securities Exchange Act of 1934 of the securities
beneficially owned by Baupost. Securities reported on this statement on Schedule
13D as being beneficially owned by Baupost include securities purchased on
behalf of various investment limited partnerships, including and Baupost Value
Partners, L.P.-IV.
Pursuant to Rule 13d-4, Seth A. Klarman and SAK Corporation declare that
the filing of this statement on Schedule 13D shall not be deemed an admission by
either or both of them that they are, for the purposes of Sections 13(d) or
13(g) the beneficial owner of any securities covered by this statement on
Schedule 13D, and further state that neither of them have any power to vote or
dispose of, or direct the voting or disposition of, or direct the voting or
disposition of, any of the securities covered by this statement on Schedule 13D.
Item 4. Purpose of Transaction.
Following the announcement on September 4, 2009 that Biogen Idec had made
an offer to acquire all of the outstanding shares of the Issuer, the Reporting
Persons have spoken separately with members of the Issuer's management and a
representative of Biogen Idec to discuss the offer. The Reporting Persons expect
to continue to have discussions with these parties and any other interested
persons about the offer and the future plans of the Issuer.
Except as set forth above, the Reporting Persons do not have, as of the
date of this Amendment No. 2, any other plans or proposals that relate to or
would result in any of the actions or events specified in clauses (a) through
(j) of Item 4 of Schedule 13D. The Reporting Persons intend to review their
investment in the Issuer on a continuing basis and may engage in discussions
with management and the board of directors of the Issuer, other holders of
Common Stock and other relevant parties concerning the business, operations,
governance, strategy, capitalization, ownership and future plans of the Issuer
and the management and board composition of the Issuer. The Reporting Person may
change its plans or proposals in the future. Depending on various factors
including, without limitation, the Issuer's financial position, strategic
direction, business and prospects, anticipated future developments, existing and
anticipated market conditions from time to time, actions taken by the management
and board of directors of the Issuer, price levels of the Common Stock, general
economic conditions and regulatory matters, the Reporting Persons may in the
future take such actions with respect to its investment in the Issuer as it
deems appropriate including, without limitation, seeking representation on the
board of directors of the Issuer , purchasing additional Common Stock or other
securities of the Issuer, selling some or all of their Common Stock or engaging
in short selling of or any hedging or similar transaction with respect to the
Common Stock, to the extent permitted under applicable law, or engage or
participate in a transaction with the purpose or effect of changing or
influencing the control of the Issuer. Any such transactions, if they occur at
all, may take place at any time and without prior notice.
The Reporting Person reserves the right to change its intention with
respect to any or all of the matters referred to in this Item 4.
Item 5. Interest in Securities of the Issuer.
(a)-(b) The responses to Items 7 - 13 of the cover pages of this Schedule 13D
are incorporated herein by reference.
(c) The trading dates, number of shares of Common Stock purchased or sold,
and the price per share for all transactions by the Reporting Persons in the
shares of Common Stock within the last 60 days, are set forth
below:
------------------- ------------------------- ---------------------------------
Name Date Price Number of Shares
Per Share Purchased/(Sold)*
------------------- ------------------------- ---------------------------------
Baupost 09/04/2009 $15.393 (150,000)
BVPIV 09/04/2009 $15.393 (52,957)
Baupost 09/04/2009 $15.400 (100,000)
BVPIV 09/04/2009 $15.400 (35,306)
Baupost 09/04/2009 $15.500 (10,200)
BVPIV 09/04/2009 $15.500 (3,602)
Baupost 09/04/2009 $15.494 (27,900)
BVPIV 09/04/2009 $15.494 (9,849)
Baupost 09/04/2009 $15.434 (579,432)
BVPIV 09/04/2009 $15.434 (204,573)
* Securities reported above as sold by Baupost include securities
sold on behalf of various Investment Funds, including BVPIV. Therefore, the
number of shares reported above as sold by Baupost includes the number of
shares reported above as sold by BVPIV.
(d) No other person has the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, the shares of
Common Stock set forth above.
(e) Not applicable.
SIGNATURES
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this
Schedule 13D is true, complete, and correct.
Dated: September 8, 2009
THE BAUPOST GROUP, L.L.C.
By: /s/ Seth A. Klarman
Name: Seth A. Klarman
Title: President
BAUPOST VALUE PARTNERS, L.P.-IV
By: The Baupost Group, L.L.C., its
managing general partner
By: /s/ Seth A. Klarman
Name: Seth A. Klarman
Title: President
SAK CORPORATION
By: /s/ Seth A. Klarman
Name: Seth A. Klarman
Title: President
/s/ Seth A. Klarman
Seth A. Klarman