Facet Biotech engages in the identification and development of oncology drugs. Facet was formed through a spin-off of the biotechnology segment of PDL BioPharma. Its products in development include Daclizumab that binds to the alpha chain of the interleukin-2 receptor on activated T cells for multiple sclerosis; 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 immuno- pharmaceutical 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, Bristol-Myers Squibb, and Trubion Pharmaceuticals. Facet Biotech also has license agreements with Abbott Laboratories, Actinium Pharmaceuticals, Genentech, Ophthotech, Progenics Pharmaceuticals, and Seattle Genetics. As of Mar 2010, the company was acquired by Abbott.