Updated from Tuesday, March 9REDWOOD, Calif. ( TheStreet) -- Shares of Facet Biotech ( FACT) soared 67% in after-hours trading Tuesday after Abbott ( ABT) said it would acquire Facet for its early- and mid-stage pharmaceutical pipeline. Abbott said it would acquire Facet for $27 per share in cash for a net transaction value of about $450 million, which includes a purchase price of roughly $722 million less Facet's projected cash and marketable securities at closing of approximately $272 million. The after-hours spike in Facet shares was $10.90 to $27.11. Facet shares had closed regular trading on Tuesday at $16.21, after a 1.8% loss at the Tuesday close. Abbott shares were down a little more than 1% in after-hours trading. Abbott said the acquisition of Facet provides access in two key therapeutic areas: immunology and oncology. The compounds include daclizumab -- a Phase II investigational biologic intended to treat multiple sclerosis (MS) that is expected to move into Phase III development in the second quarter 2010 -- and oncology compounds in early- to mid-stage development. "Daclizumab is a promising treatment for multiple sclerosis, a disease that has a significant unmet medical need, and has the potential to become an important treatment option for patients," said John Leonard, M.D., senior vice president, global pharmaceutical research and development at Abbott. Facet's oncology collaborations include early- and mid-stage compounds that are being studied to treat different types of cancer, including multiple myeloma and chronic lymphocytic leukemia. Abbott will commence a tender offer to purchase all outstanding shares of Facet Biotech at $27 per share. The transaction is expected to close in the second quarter of 2010. The acquisition will not impact Abbott's previously issued ongoing earnings-per-share guidance for 2010, Abbott said in a statement. -- Reported by Eric Rosenbaum in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.