Takeda Pharmaceutical Co. Ltd. and Millennium Pharmaceuticals, Inc. have entered into a definitive agreement under which Takeda will acquire Millennium for approximately $8.8 billion in cash. Upon completion of the acquisition, Millennium will become a wholly-owned subsidiary of Takeda and will continue operations in Cambridge, MA, as a standalone business unit. Millennium will be known as Millennium Pharmaceuticals, Inc., a Takeda Company.
   
Millennium, a leading biopharmaceutical company, markets the oncology drug Velcade for Injection in the U.S. Velcade is approved in more than 85 countries. Millennium has a pipeline of novel product candidates in oncology and inflammation. This includes a drug for the potential treatment of inflammatory bowel disease (IBD), which is expected to enter Phase III trials in late 2008/early 2009. Millennium reported total revenues of approximately $528 million in 2007.
   
The acquisition is part of Takeda’s goal to become a global leader in oncology in the areas of discovery, development, regulatory affairs and commercialization. Millennium and Takeda will combine research, development and commercialization capabilities in an effort to accelerate the potential of an emerging drug pipeline.
   
“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. Millennium has strong discovery, development and commercial capabilities led by a well-established management team. We are pleased that Dr. Deborah Dunsire, Millennium president and chief executive officer, and the current management team intend to continue to lead the company. Our strong desire is to retain Millennium employees, who have created an entrepreneurial and innovative culture.”
   
“We are extremely proud of the commitment and passion of our employees, who have built this vibrant organization. We look forward to continued success as we join the Takeda Group,” said Deborah Dunsire, M.D., president and chief executive officer, Millennium. “Both companies share a common vision to develop breakthrough medicines for patients, become a global leader in oncology and expand the global reach of our IBD product candidates. We expect this transaction to help accelerate that vision and deliver tremendous value to patients, shareholders and our employees.”
   
The transaction, subject customary closing conditions, is expected to close in 2Q08.