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Takeda to Acquire Millennium for US$25.00 Per Share in an All Cash Tender Offer Valued at $8.8 Billion
Date:4/9/2008

e;

-- Add VELCADE, a growing and market-leading oncology product with near-

term worldwide blockbuster potential;

-- Supply access to Millennium world-class drug discovery organization,

including expertise in the novel research area of protein homeostasis;

-- Capitalize on Millennium proven drug development capabilities and

regulatory expertise, which allowed the Company to bring VELCADE to

market rapidly;

-- Leverage the Millennium experienced sales force, established

relationships with oncology thought leaders and highly-regarded

marketing capabilities to launch future products; and

-- Expand Takeda's global pipeline in GI, adding a novel anti-alpha4beta7

antibody and an oral CCR9 inhibitor for the treatment of IBD.

Financial

Takeda will finance the acquisition through cash on hand. There is no financing condition to the tender offer or second step merger.

Takeda expects that the acquisition will enhance Takeda's earnings starting in the fiscal year ended March 2010 before transaction related amortization. The addition of Millennium will enhance Takeda's growth profile immediately.

Transaction Terms

The acquisition is structured as an all cash tender offer for all of the outstanding shares of Millennium common stock, followed by a merger in which remaining shares of Millennium would be converted into the right to receive the same US$25.00 cash per share price paid in the tender offer.

The transaction has been unanimously approved by the Boards of Directors of Millennium and Takeda.

The transaction is subject to the tender of a majority of Millennium common stock on a fully diluted basis as well as other customary closing conditions, including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the antitrust laws of applicable foreign jurisdictions. The transaction is
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SOURCE Millennium Pharmaceuticals, Inc.
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