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Takeda Commences Cash Tender Offer for all Outstanding Shares of Millennium
Date:4/11/2008

OSAKA, Japan and NEW YORK, April 11 /PRNewswire-FirstCall/ -- Takeda Pharmaceutical Company Limited ("Takeda", TSE: 4502) today announced the commencement of its cash tender offer for all outstanding shares of the common stock of Millennium Pharmaceuticals, Inc. ("Millennium", Nasdaq: MLNM) for US$25.00 per share. The tender offer is being made by Mahogany Acquisition Corp., a wholly owned subsidiary of Takeda America Holdings, Inc., which is a wholly owned subsidiary of Takeda, pursuant to an Offer to Purchase, dated April 11, 2008, and the Agreement and Plan of Merger (the "Merger Agreement"), dated as of April 10, 2008, by and among Takeda America Holdings, Inc., Mahogany Acquisition Corp., and Millennium. Takeda is also a party to the Merger Agreement for certain purposes.

The tender offer is scheduled to expire at 12:00 midnight (New York City Time) at the end of Thursday, May 8, 2008, unless the tender offer is extended. Following the completion of the tender offer and, if required, receipt of approval by Millennium's stockholders, Takeda expects to consummate a merger of Mahogany Acquisition Corp. and Millennium in which shares of Millennium that have not been purchased in the tender offer will be converted into the right to receive the same cash price per share as paid in the tender offer. The tender offer and the merger are subject to customary closing conditions, including the acquisition by Mahogany Acquisition Corp. in the tender offer of a majority of Millennium's outstanding shares on a fully-diluted basis and the expiration or early termination of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and certain specified foreign antitrust laws.

The Depositary for the tender offer is Computershare Trust Company, N.A., the Dealer Manager for the tender offer is UBS Investment Bank, and the Information Agent for the tender offer is The Altman Group.

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