Millennium accepts $8.8B bid from Takeda
In yet another foray into the US market by a Japanese drugmaker (Marketletters passim), Takeda Pharmaceutical has revealed plans to acquire Millennium Pharmaceuticals, in what is termed an agreed offer of $25.00 a share, or a total of around $8.8 billion. This is a premium of 53% on the US firm's April 9 closing price of $16.35. The news broke as this issue of the Marketletter was going to press and came after the Tokyo market closed, so investors' reaction was not possible to gauge.
Takeda, which is Japan's largest drug company, said the deal - which is contingent on acceptance by Millennium shareholders - is designed to accelerate its ambitions of becoming a leader in oncology. The buy will be financed by cash on hand and will leave the US drugmaker as a wholly-owned stand-alone business unit.
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