Global millennium

In its bid to become a major global pharmaceutical player, Japan's largest drug company, Takeda Pharmaceutical Co. Ltd., has decided that Millennium Pharmaceuticals Inc. will be the cornerstone of its oncology ambitions, while bolstering its already substantial gastrointestinal franchise.

Last Thursday, Takeda said it would pay $8.8 billion, or $25 a share, in cash for the U.S. biotech. The offer represented a 53% premium to Wednesday's closing price of $16.35, although far below Millennium's genomics bubble peak of $80 a share. ...