<SUBMISSION>
<ACCESSION-NUMBER>0001441848-10-000019
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20100421
<FILING-DATE>20100423
<DATE-OF-FILING-DATE-CHANGE>20100423
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>Hora Maninder
<CIK>0001443159
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-34154
<FILM-NUMBER>10766649
</FILING-VALUES>
<MAIL-ADDRESS>
<STREET1>PDL BIOPHARMA, INC.
<STREET2>1400 SEAPORT BOULEVARD
<CITY>REDWOOD CITY
<STATE>CA
<ZIP>94063
</MAIL-ADDRESS>
</REPORTING-OWNER>
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>FACET BIOTECH CORP
<CIK>0001441848
<ASSIGNED-SIC>2834
<IRS-NUMBER>263070657
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>1500 SEAPORT BLVD.
<CITY>REDWOOD CITY
<STATE>CA
<ZIP>94063
<PHONE>650-454-1000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1500 SEAPORT BLVD.
<CITY>REDWOOD CITY
<STATE>CA
<ZIP>94063
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Biotech Spinco, Inc.
<DATE-CHANGED>20080804
</FORMER-COMPANY>
</ISSUER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-04-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001441848</issuerCik>
        <issuerName>FACET BIOTECH CORP</issuerName>
        <issuerTradingSymbol>FACT</issuerTradingSymbol>
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            <rptOwnerName>Hora Maninder</rptOwnerName>
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        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FACET BIOTECH CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>1500 SEAPORT BOULEVARD</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>VP, Prod Ops. &amp; Quality</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
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            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
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            <transactionTimeliness>
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                    <footnoteId id="F1"/>
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                <transactionPricePerShare>
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    <derivativeTable>
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            <expirationDate>
                <value>2016-01-23</value>
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            </transactionDate>
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                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>16856</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>27</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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            <exerciseDate>
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            <expirationDate>
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            <transactionTimeliness>
                <value></value>
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            <transactionAmounts>
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                </transactionShares>
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                    <value>27</value>
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                    <value>D</value>
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            <exerciseDate>
                <footnoteId id="F4"/>
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            <expirationDate>
                <value>2016-08-06</value>
            </expirationDate>
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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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    <footnotes>
        <footnote id="F1">These shares were canceled and exchanged for a cash payment of $372,681.00 in accordance with the Agreement and Plan of Merger, dated March 9, 2010, among the issuer, Amber Acquisition Inc. and Abbott Laboratories in connection with the merger of Amber Acquisition Inc. with and into the issuer. Includes shares not previously reported that were acquired under a Section 423 employee stock purchase plan.</footnote>
        <footnote id="F2">This stock option was canceled and exchanged for a cash payment of $666,560.00 in accordance with the Agreement and Plan of Merger, dated March 9, 2010, among the issuer, Amber Acquisition Inc. and Abbott Laboratories in connection with the merger of Amber Acquisition Inc. with and into the issuer.  The cash payment made with respect to this stock option equals the product of (x) the number of option shares canceled multiplied by (y) the difference between the merger consideration ($27 per share) and the exercise price for this stock option.</footnote>
        <footnote id="F3">This stock option was canceled and exchanged for a cash payment of $294,137.00 in accordance with the Agreement and Plan of Merger, dated March 9, 2010, among the issuer, Amber Acquisition Inc. and Abbott Laboratories in connection with the merger of Amber Acquisition Inc. with and into the issuer.  The cash payment made with respect to this stock option equals the product of (x) the number of option shares canceled multiplied by (y) the difference between the merger consideration ($27 per share) and the exercise price for this stock option.</footnote>
        <footnote id="F4">This stock option was canceled and exchanged for a cash payment of $272,800.00 in accordance with the Agreement and Plan of Merger, dated March 9, 2010, among the issuer, Amber Acquisition Inc. and Abbott Laboratories in connection with the merger of Amber Acquisition Inc. with and into the issuer.  The cash payment made with respect to this stock option equals the product of (x) the number of option shares canceled multiplied by (y) the difference between the merger consideration ($27 per share) and the exercise price for this stock option.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Maninder Hora</signatureName>
        <signatureDate>2010-04-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
