April 22, 2003
MILLENNIUM PHARMACEUTICALS INC (MLNM)
form 8-K
Item 5. Other Events and Regulation FD Disclosure.
On April 22, 2003, Aventis Pharmaceuticals, Inc. provided to Millennium Pharmaceuticals, Inc. notice of exercise of its option to terminate the three to five-year Technology Transfer Agreement between Millennium and Aventis dated June 22, 2000, effective on the third anniversary of the Agreement, July 21, 2003. Pursuant to the terms of the Agreement, upon providing this notice to Millennium, Aventis paid to Millennium $40,000,000 in consideration for future use of certain Millennium technology transferred to Aventis prior to the termination date, resulting in a total of $160,000,000 paid to Millennium under the Agreement during its term. Termination of the Technology Transfer Agreement has no effect upon the existing five-year Collaboration and License Agreement dated June 22, 2000 between Aventis and Millennium for the joint discovery, development and commercialization of drugs for the treatment of specified inflammatory diseases. |
