Millennium Pharmaceuticals, Inc. (MLNM) announced the signing of a definitive agreement to be acquired by Japan's Takeda Pharmaceutical Co. Ltd. (TKPHY.PK, TKPHF.PK) for about $8.8 billion through a cash tender offer of $25 per share. The transaction is expected to close in the second-quarter of 2008. The deal is projected to accelerate Takeda's vision of becoming a global leader in oncology. Separately, Millennium said its first-quarter US net sales of its flagship product VELCADE surged 42%, significantly above Wall Street analysts' consensus estimate.
Takeda's per share bid price represents 52.9% premium on $16.35, Millennium's closing share price on Wednesday.
Millennium, the Cambridge, Massachusetts-based biopharmaceutical company, noted that the transaction is structured as an all-cash tender offer for all of Millennium common stock, followed by a merger in which remaining shares of Millennium would be converted into the right to receive the same US$25 cash per share price paid in the tender offer. There is no financing condition to the tender offer or second step merger.
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