Millennium Pharmaceuticals (MLNM)

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Thursday, April 10, 2008 - 8:04 AM EDT
Millennium to be acquired by Takeda Pharmaceutical
Boston Business Journal - Boston Business Journal

Biopharmaceutical firm Millennium Pharmaceuticals Inc. is in an agreement to be acquired by Japanese drug maker Takeda Pharmaceutical Co. Ltd. in a deal valued at $8.8 billion.

The agreement calls for Cambridge, Mass.-based Millennium (Nasdaq: MLNM) to be taken private through a cash tender offer of $25 per share and become a wholly-owned subsidiary of Takeda as a standalone business unit. Millennium will be known as Millennium Pharmaceuticals Inc., a Takeda Company, according to a statement from the firms.

The transaction was unanimously approved by the boards of directors of both companies.

Millennium is best known for its product Velcade, a treatment for some types of cancer.