Millennium BioTherapeutics Inc., Millennium, Eli Lilly deal

MLNM will reacquire Millennium BioTherapeutics, which it spun out in 1997, for $61.8 million in stock (see BioCentury Extra, Oct. 15). Lilly, which owns 18 percent of BioTherapeutics, will receive $15 worth of MLNM stock for each BioTherapeutics share held, equating to 360,000 MLNM shares.

MLNM and Lilly also restructured their original BioTherapeutics protein discovery deal (see BioCentury Extra, May 29, 1997). As amended, the companies will discontinue joint discovery efforts and divide up the pool of discovered proteins. MLNM remains eligible to receive milestone payments and royalties for therapeutic candidates developed by Lilly, which does not have such reciprocal rights. ...