Japan's Takeda in $8.8 billion bid for US biotech firm
Japan's Takeda Pharmaceutical Co has agreed to pay about $8.8 billion for US biotech company Millennium Pharmaceuticals Inc, the two firms said on Thursday.
By Agencies |
TOKYO: Japan's Takeda Pharmaceutical Co has agreed to pay about $8.8 billion for US biotech company Millennium Pharmaceuticals Inc, the two firms said on Thursday.
On completion of the cash tender offer -- which has been approved by the boards of both companies -- Millennium will become a wholly owned subsidiary of Takeda, they said in a joint statement.
Millennium, based in Cambridge, Massachusetts, is a specialist in oncology, or cancer, treatments.
The companies said the purchase "accelerates Takeda's vision of becoming a global leader in oncology with critical mass in the areas of oncology discovery, development, regulatory affairs and commercialisation."
Takeda said it expected the deal to boost earnings starting in fiscal 2010. It will offer $25 in cash per Millennium Pharmaceuticals share. The transaction is expected to close in the second-quarter of 2008.
Millennium had revenue of about $528 million in 2007. It is the second major deal announced by Takeda with a US firm in recent months. In February it said it had agreed to buy the Japanese subsidiary of US group Amgen and enter into a licensing deal worth more than $1 billion.
On completion of the cash tender offer -- which has been approved by the boards of both companies -- Millennium will become a wholly owned subsidiary of Takeda, they said in a joint statement.
Millennium, based in Cambridge, Massachusetts, is a specialist in oncology, or cancer, treatments.
The companies said the purchase "accelerates Takeda's vision of becoming a global leader in oncology with critical mass in the areas of oncology discovery, development, regulatory affairs and commercialisation."
Takeda said it expected the deal to boost earnings starting in fiscal 2010. It will offer $25 in cash per Millennium Pharmaceuticals share. The transaction is expected to close in the second-quarter of 2008.
Millennium had revenue of about $528 million in 2007. It is the second major deal announced by Takeda with a US firm in recent months. In February it said it had agreed to buy the Japanese subsidiary of US group Amgen and enter into a licensing deal worth more than $1 billion.
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