Japan
Millennium Pharmaceuticals Inc. has agreed to be bought by Japan's Takeda Pharmaceutical Co. Ltd. for approximately $8.8 billion in cash.
Millennium (Nasdaq: MLNM), a Cambridge-based biopharmaceutical company, reported that its stockholders would receive $25 per share, a 53 percent increase over yesterday's close.
Millennium markets Velcade, an injectable oncology product, in more than 85 countries, and has a product in its pipeline that could help treat inflammatory bowel disease. That product is expected to enter Phase 3 clinical trials in late 2008 or early 2009, company officials said.
The company, which reported total revenue of $528 million for 2007, said it has complementary research, development and commercialization capabilities with Takeda pay day loans. The Japanese company is also focused on areas of oncology discovery and commercialization.
According to company officials, the acquisition has been unanimously approved by the boards of both companies. Upon completion of the deal, Millennium will become a wholly owned subsidiary of Takeda and will continue operations in Cambridge as a standalone business unit and will keep the Millennium name.
Filed under: business by Finance Boss