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Millennium acquiring Cor

December 6, 2001 8:00 AM UTC

MLNM will acquire CORR for 58 million MLNM shares. MLNM was off $5.89 (17%) to $29.56 on Thursday, thus reducing the deal value to $1.7 billion from $2 billion using MLNM's Wednesday close at $35.45. The deal combines MLNM's genomics-based discovery platform with CORR's cardiovascular pipeline and commercial infrastructure for its Integrilin eptifibatide, which is marketed to treat acute coronary syndromes. According to MLNM, the merged company will focus on 4 therapeutic areas: cardiovascular, oncology, inflammation and metabolic disease, and will have 9 products in the clinic. CORR President and CEO Vaughn Kailian will become vice chairman of the combined company. ...