Biotech Values

[Preciouslife1]

Big buyout for Millennium Pharmaceuticals

http://dailybriefing.blogs.fortune.cnn.com/2008/04/10/big-buyout-for-millennium-pharmaceuticals/?source=yahoo_quote

Millennium Pharmaceuticals (MLNM) got a shot in the arm Thursday when Japan’s Takeda Pharmaceutical agreed to fork over $8.8 billion in cash for the Cambridge, Mass., cancer-drug developer. The $25-a-share deal gives Millennium shareholders a 53% premium to Wednesday’s closing prices, and allows Takeda to put some of its $17 billion cash hoard to work. The deal also gives Takeda Millennium’s Velcade oncology drug, as well as a drug for inflammatory bowel disease that’s under development. Millennium’s management will continue after the Takeda acquisition, the companies said.

“Millennium greatly strengthens Takeda’s global oncology portfolio, led by the flagship product Velcade, and further enhances its pipeline with clinically differentiated, high-quality product candidates,” said Yasuchika Hasegawa, president of Takeda. “Takeda is committed to becoming a global leader in oncology by delivering novel therapies that improve the standards of care for patients.” Takeda doesn’t expect the deal to add to earnings till 2010, but noted that “the addition of Millennium will enhance Takeda’s growth profile immediately.”

Domo Arigato, and kunichiwa Takeda, says MLNM CEO