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Millennium: The Risks of Forward Integration

Executive Summary

Millennium Pharmaceuticals has been spending much of the new century building a development organization. Much of this nuts-and-bolts endeavor came out of its acquisition of Cor Therapeutics in 2001, a transforming transaction that has delivered only mixed results, and has now put the company on a hard-to-steer and equally hard-to-alter course.

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Takeda/ Millennium: The Price is Right

Takeda and Millennium's recent out-sized tie-up reflects the different but real industry pressures from which both companies are suffering.Facing near-term patent exiprations of several key drugs, Takeda desperately needed to bulk up its R&D pipeline. Millennium, for its own part, was heavily dependent on the label expansion of its lead product, Velcade, as it struggled to maintain sustainable earnings growth and advance its early stage compounds through the clinic.

Takeda/ Millennium: The Price is Right

Takeda and Millennium's recent out-sized tie-up reflects the different but real industry pressures from which both companies are suffering.Facing near-term patent exiprations of several key drugs, Takeda desperately needed to bulk up its R&D pipeline. Millennium, for its own part, was heavily dependent on the label expansion of its lead product, Velcade, as it struggled to maintain sustainable earnings growth and advance its early stage compounds through the clinic.

Third Rock Rolls

Founded by a team of former Millennium Pharmaceutical executives including former CEO Mark Levin, Third Rock Ventures intends to return to the venture capital model of old. The Boston-based firm intends to start companies that can leverage a novel technology capable of creating multiple drugs for multiple diseases.

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