Millennium Pharmaceuticals, Inc. (MLNM) Message Board

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

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From: Icebrg	11/15/2006 5:02:11 PM
	of 3044

Millennium Closes Sale of $250.0 Million in Convertible Senior Notes Wednesday November 15, 4:01 pm ET [So far so good. Now they just have to figure out a way to spend the money]. CAMBRIDGE, Mass., Nov. 15 /PRNewswire-FirstCall/ -- Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM - News) today announced the closing of its sale of $250.0 million aggregate principal amount of 2.25% Convertible Senior Notes due November 15, 2011. The aggregate principal amount of Notes sold reflects the full exercise by the underwriters of their option to purchase $25.0 million aggregate principal amount of Notes to cover over-allotments. The Notes are convertible based on an initial conversion rate of 64.6465 shares of common stock per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $15.47 per share of common stock. The Notes bear interest at a rate of 2.25% per year. Millennium expects to use the net proceeds from the offering primarily for potential license arrangements and acquisitions, and any balance for general corporate purposes.

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