Millennium Pharmaceuticals, Inc. (MLNM) Message Board

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

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To: Icebrg who wrote (2741)	10/17/2006 4:02:13 AM
From: Icebrg	of 3044

Millennium Issues Statement Regarding AnorMED Inc. Tuesday October 17, 3:01 am ET CAMBRIDGE, Mass., Oct. 17 /PRNewswire-FirstCall/ -- Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM - News) today announced that it decided not to increase its offer to acquire AnorMED Inc. The Company said that it determined that to increase its offer would not have been in the best interests of Millennium shareholders. As a result of this announcement, the companies terminated their existing support agreement. Millennium is entitled to receive a termination fee of $19.5 million from AnorMED per the support agreement. "Our agreement with AnorMED and its largest shareholder was based on constructive dialogue and a value proposition that we firmly believed was fair to both companies," said Deborah Dunsire, M.D., President and Chief Executive Officer, Millennium. "Millennium remains in a strong position as we continue to drive VELCADE, advance our pipeline, focus investment and evaluate in-licensing and acquisition opportunities to complement our internal growth."

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