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Risk Sharing the Millennium Way

Executive Summary

Previous deals, such as those with Bayer and Monsanto, showcased Millennium Pharmaceuticals' technology integration capabilities and allowed it to leverage the value of its platform. It is now becoming more focused on using external relationships and acquisitions to forward integrate and build a product pipeline. Via a series of agreements with Aventis signed in June valued at $450 million, Millennium expects to build nothing less than the world's premier franchise in inflammation. And the agreements, including a tech transfer deal and a technology development deal along with the inflammation drug development collaboration and an equity investment by Aventis, appear to provide Millennium a way to fund drug development risk by leveraging its technology.

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