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"The successful completion of this transaction underscores our ongoingcommitment to becoming a global leader in oncology by delivering noveltherapies that improve the standards of care for patients. Additionally, theMillennium clinical trial programs for irritable bowel disease (IBD) willenhance our GI franchise. We look forward to a successful transition byworking closely with the talented Millennium employees now that they are partof Takeda," said Yasuchika Hasegawa, President of Takeda PharmaceuticalCompany Limited.
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"As part of the Takeda Group, Millennium will continue its commitment todeveloping breakthrough medicines that will benefit patients around the world.Millennium is excited to serve as Takeda's global center for oncology as wework with our new colleagues at Takeda to drive scientific excellence andcreate a world-class pipeline and products," said Deborah Dunsire, M.D.,President and Chief Executive Officer of Millennium.
As a result of the merger, each outstanding share of Millennium commonstock not validly tendered and accepted for payment in the tender offer (otherthan any shares in respect of which appraisal rights are validly exercisedunder Delaware law and any shares owned by Millennium, Takeda or any of theirsubsidiaries) was converted into the right to receive the same US$25.00 cashper share price paid in the tender offer. Effective after the close of markettoday, trading in Millennium common stock on the Nasdaq Global Select Marketwill cease.
UBS Investment Bank acted as exclusive financial advisor and EdwardsAngell Palmer & Dodge LLP acted as legal advisor to Takeda. Goldman, Sachs &Co. acted as exclusive financial advisor and WilmerHale acted as legal advisorto Millennium.
Cancellation of Millennium's 2008 Annual Meeting of Stockholders
Millennium also announced today that, as a result of its acquisition byTakeda, the 2008 annual meeting of stockholders, previously scheduled forThursday, May 22, 2008, has been cancelled.
About Takeda
Founded in 1781 and located in Osaka, Japan, Takeda is a research-basedglobal company with its main focus on pharmaceuticals. As the largestpharmaceutical company in Japan and one of the global leaders of the industry,Takeda is committed to striving toward better health for individuals andprogress in medicine by developing superior pharmaceutical products.Additional information about Takeda is available through its corporatewebsite, http://www.takeda.com.
About Millennium
Millennium, a Takeda Company, and a leading biopharmaceutical companybased in Cambridge, Mass., markets VELCADE, a novel cancer product, and has arobust clinical development pipeline of product candidates. Millenniumresearch, development and commercialization activities are focused in twotherapeutic areas: oncology and inflammation. By applying its knowledge ofthe human genome, understanding of disease mechanisms and industrialized drugdiscovery platform, Millennium is developing an exciting pipeline ofinnovative product candidates. Additional information about Millennium isavailable through its website, http:///www.millennium.com.
Forward-Looking Statements This press release contains "forward-lookingstatements" that involve significant risks and uncertainties. All statementsother than statements of historical fact are statements that could be deemedforward-looking statements, including: any state
