I also have been watching CORR, although I don't now own any. I have ridden it up from 19 to 24 more than once. This would ordinarily be a buy price for me, but now the price of CORR is linked to MLNM and MLNM isn't doing so well. I think that once MLNM acquires CORR, that CORR shareholders will receive .98 MLNM shares for each CORR share. See MLNM report from January:
Millennium`s Q4 loss widens, revenue dips
January 22, 2002 16:53:35 (ET)
CAMBRIDGE, Mass. (CBS.MW) -- Millennium Pharmaceuticals' fourth-quarter
loss widened as revenue dipped and research expenses rose, the biotechnology
firm reported Tuesday.
Millennium (MLNM, Trade) posted a fourth-quarter net loss of $67 million, or
30 cents per share, compared with a net loss of $37.5 million, or 18 cents per
share, in the 2000 fourth quarter.
Excluding amortization charges and certain other expenses, Millennium said its
fourth-quarter loss was $50.4 million, or 23 cents per share. The Cambridge,
Mass.-based company had been expected to post a loss of 19 cents per share,
according to the average estimate of analysts polled by Thomson Financial/First
Call.
Millennium said revenue from its research partnerships slipped in the fourth
quarter to $54.6 million from $58.7 million in the year-ago quarter.
Millennium, which is developing treatments for cancer and obesity, said research
and development expenses jumped to $114.6 million from $77.8 million in the
year-ago quarter.
For 2002, Millennium said it expects to post a loss in the range of $175 million to
$200 million. Total revenue for this year is expected to be $400 million compared
with $246.2 million for 2001, the company said.
As of Dec. 31, Millennium reported having about $1.5 billion in cash, cash
equivalents and marketable securities.
Millennium in December agreed to buy Cor Therapeutics (CORR, Trade) in an
all-stock deal valued at $2 billion. Millennium said it was making the buy to get
access to Cor's Integrilin drug, used to prevent blood clotting and treat angina, a
painful heart condition.
Millennium said Tuesday it expects sales of Integrilin to rise 30 percent to $300
million in 2002. Of that $300 million total, Millennium said it expects to record
about $150 million in revenue.
Millennium said it expects its acquisition of Cor to close on Feb.12.
Ahead of the announcement, which was released after the close of regular
trading, Millennium shares edged down 17 cents to $20.23 while shares of Cor
lost 28 cents to $19.79.
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