Millennium Outbids Genzyme to Acquire AnorMED for $515 Million

Cambridge, MA (Sept. 26)-Millennium Pharmaceuticals, Inc. (www.mlnm.com) entered into an agreement to acquire biopharmaceutical company AnorMED, Inc. (Langley, BC, Canada, www.anormed.com) for $515 million. Millennium will acquire all AnorMED’s outstanding common shares for US$12.00 per share in cash. The total purchase is 40% more than Genzyme Corporation’s (Cambridge, MA, www.genzyme.com) unsolicited tender offer ($8.55 cash per share) on Sept. 1, 2006.

The deal will give Millennuim access to AnorMED’s “Mozobil” lead hematology-oncology product, which is in late-stage Phase III trials in cancer patients undergoing stem cell transplants. The company expects the product to be on the market in 2008.