Millennium Pharmaceuticals, Inc. (MLNM) Message Board

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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)

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From: mopgcw	6/22/2006 2:56:22 AM
	of 3044

gs: MLNM (IL/N): Talks on strategic alternatives may resume 52-Week Range US$11-8 YTD Price Change -3.40% Market Cap US$2.9bn Millennium indicated that it has ended a time-limited process to explore a strategic sale. In view of the increased consolidation of biotech companies and the uncertainty related to MLNM?s sustainable EPS growth, we would not be surprised if there will be further discussions on strategic alternatives. However, the outcome is difficult to predict. MLNM?s major revenue driver is Velcade which is facing competitive threat, thus increasing the likelihood of discrepant valuation between MLNM and potential acquirers. The company has an interesting but early pipeline which requires significant investment. We estimate the intrinsic value (NPV of current indications + net cash) to be $7.50/sh. We maintain our In-Line rating and Neutral coverage view. Risks are slower sales, development failures & higher expenses. I, Maykin Ho, PhD, hereby certify ..

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