Millennium, Takeda deal

Takeda will acquire Millennium for $25 per share, or about $8.8 billion in cash based on 353 million fully diluted shares outstanding. The price is a 53% premium to Millennium's close of $16.35 on April 9, the day before the deal was announced. Takeda said the acquisition will strengthen Takeda's global oncology portfolio and expand its global gastrointestinal portfolio. The deal is expected to close in mid-June.

Takeda said it hopes to become a top three global oncology company by 2020. The deal gives Takeda Velcade bortezomib, which is approved in the U.S. and EU to treat multiple myeloma (MM) patients who have received at least one prior therapy and in the U.S. to treat mantle cell lymphoma in patients who have received at least one prior therapy. An sNDA for the proteasome inhibitor to treat patients with newly diagnosed MM is under Priority Review at FDA with a decision expected by June 20. Millennium and partner Johnson & Johnson (NYSE:JNJ, New Brunswick, N.J.) co-market Velcade in the U.S., while J&J markets it elsewhere under a 2003 deal. The partners' U.S. co-promotion deal expires at year end. ...