-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QHshpJvgvvfZtc57nRjiq9Dg/uJORBLFKMmLBp8YvoCvsR1Q8WlZZsiHJxH/dZs8
 AAIdsuJZLtfjbrUVpNw5FQ==

<SEC-DOCUMENT>0001441848-10-000001.txt : 20100122
<SEC-HEADER>0001441848-10-000001.hdr.sgml : 20100122
<ACCEPTANCE-DATETIME>20100122113435
ACCESSION NUMBER:		0001441848-10-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100120
FILED AS OF DATE:		20100122
DATE AS OF CHANGE:		20100122

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Llana Ted
		CENTRAL INDEX KEY:			0001453531

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34154
		FILM NUMBER:		10540708

	MAIL ADDRESS:	
		STREET 1:		1400 SEAPORT BOULEVARD
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FACET BIOTECH CORP
		CENTRAL INDEX KEY:			0001441848
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				263070657
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1500 SEAPORT BLVD.
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063
		BUSINESS PHONE:		650-454-1000

	MAIL ADDRESS:	
		STREET 1:		1500 SEAPORT BLVD.
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Biotech Spinco, Inc.
		DATE OF NAME CHANGE:	20080804
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgardoc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-01-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001441848</issuerCik>
        <issuerName>FACET BIOTECH CORP</issuerName>
        <issuerTradingSymbol>FACT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001453531</rptOwnerCik>
            <rptOwnerName>Llana Ted</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1500 SEAPORT BLVD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>REDWOOD CITY</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94063</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>SVP Commercial &amp; Corporate Dev</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-01-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2344</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.39</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>42882</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents the number of shares  on January 6, 2010 withheld by and surrendered to the issuer to satisfy tax withholding obligations incident to the vesting of restricted shares of common stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Ted Llana</signatureName>
        <signatureDate>2010-01-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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