Millennium To Acquire AnorMED

Millennium Pharmaceuticals, Inc. has entered into an agreement to acquire AnorMED, Inc. for approximately $515 million. AnorMED is a Canada-based biopharma company with a late-stage Phase III hematology-oncology product, Mozobil, which is currently in late-stage Phase III development. Subject to successful development and regulatory approval, the drug will be launched in the U.S. in 2008. Mozobil, a small molecule CXCR4 chemokine antagonist, works by releasing stem cells from the bone marrow into circulation, improving the ability to collect the stem cells for transplant.

“Mozobil is an excellent strategic fit with Millennium’s focus in hematology-oncology, where our product Velcade leads the market in treating patients with relapsed multiple myeloma,” said Deborah Dunsire, M.D., president and chief executive officer, Millennium. “This proposed acquisition is aligned with our goal to bring in products that accelerate revenue growth, leverage our oncology sales infrastructure and benefit from our development, regulatory and commercial expertise. We are extremely excited to carry forward the innovative work of the AnorMED team and to improve outcomes for transplant-eligible patients by bringing Mozobil to market.”