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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (1620)	6/5/2003 10:35:41 PM
From: Miljenko Zuanic	Read Replies (1) \| Respond to of 3044

<< But they have managed the clinical development and regulatory work in an excellent way.>> Sure that did. As well as preclinical models and studies, biology, mechanisms, and all other things that are part of the drug development. Investment in basic science always pay off when you get bit of the luck down the road. Because of the MLNM own infrastructure they can explore Velcade (from genomic-pharmacogenomic to predictive and personalized medicine) in a way that no pharma or bios can do it today. This is advantage. I hope that they will apply some methodology on all candidates. Restructuring and layoff was expected, due to cease of the collaborative revenue. Focus on commercialization infrastructure is OK, but one should not forget those that make commercialization possible in first place. Many prefer scraping candidates from other when they do not have resource to move forward, it may be cheaper. Well, that is the case for now. Will hold tomorrow? Miljenko

To: Icebrg who wrote (1620)	6/6/2003 5:16:06 AM
From: Icebrg	Read Replies (2) \| Respond to of 3044

Millennium plans to fire 600 by Jennifer Heldt Powell Friday, June 6, 2003 [Some (but not much) background info from Boston] Millennium Pharmaceuticals Inc., still riding high following U.S. regulatory approval for one of its anti-cancer treatments, said yesterday that it is cutting 600 jobs to narrow its focus to developing fewer products and to turning a profit. Research will concentrate on products in the later stages of development, the Cambridge biotech company said. And it said it would close offices in California and England. Officials of the 10-year-old company said they are scaling back to try to reach profitability by 2006. The company remains committed to bringing breakthrough drugs to the market, officials said. ``In the current environment, however, we realize that to keep delivering on this commitment we need to focus more sharply on the most attractive opportunities in our pipeline,'' said Mark Levin, chief executive. ``Unfortunately, this means we no longer have roles for many outstanding individuals.'' The restructuring is part of an ongoing effort that began earlier this year, officials said. ``We've been doing some shaping around the organization for the past couple of months, and this is part of that effort,'' said Adriana Jenkins, Millennium spokeswoman. The job cuts will take place over the next 18 months, she said. It's not certain yet how many will fall on Bay State workers. The offices slated for closure employ a combined 360 people, but some will move to the Cambridge headquarters. Millennium shares gained 93 cents to close at $17.08, up about 6 percent yesterday. Millennium shares have doubled this year, boosted in part by the federal Food and Drug Administration approval of Velcade, a treatment for the blood cancer multiple myeloma. Reviewed and approved in less than four months, it's the first in a new class of drugs called proteasome inhibitors. But despite the recent good news, Millennium posted an operational loss of $590 million last year. ``Investors have been hoping for these cuts for some time now,'' said Yaron Weber, an SG Cowen Securities analyst. ``One never wants to see job loss, but their burn rate was too high and they had to pare back on some of their expenditures.'' The restructuring will leave Millennium with 1,700 employees. Officials are also considering selling some assets, but yesterday declined to be more specific. bostonherald.com