Millennium and COR Therapeutics agree to merge

07-Dec-2001

Millennium Pharmaceuticals, Inc. and COR Therapeutics, Inc. have signed a definitive agreement for Millennium to acquire COR in a stock- for-stock exchange valued at $2.0 billion.

The combined company will be named Millennium Pharmaceuticals, Inc., with worldwide headquarters in Cambridge, Massachusetts. This merger will create a leading biopharmaceutical company with multiple products on the market, nine candidate products in human clinical trials, four therapeutic franchise areas, a strong commercial operating presence, and more than 1,200 employees in research and development.

The two companies bring together complementary capabilities by uniting COR's cardiovascular expertise, product pipeline, and commercial infrastructure for its market-leading anti-platelet cardiovascular product, INTEGRILIN (eptifibatide) Injection, with Millennium's genomic-based research, drug discovery and development technology platform, business leadership in strategic alliances, and product pipeline in oncology, inflammation and metabolic disease. This merger serves as a key milestone in achieving Millennium's goal of creating a major biopharmaceutical company.

"By uniting the people and resources of Millennium and COR, we are executing on our plan to build the industry's leading biopharmaceutical company and deliver breakthrough personalized medicine that addresses some of the most significant therapeutic needs of patients," said Mark Levin, CEO of Millennium. "This merger provides commercial operating infrastructure, leading-edge clinical and research programs, and critical mass across Millennium's integrated capabilities in four franchise areas."

"Together with Millennium, we believe that we will have the financial strength to accelerate our collective research, clinical programs and product development in key therapeutic areas, such as cardiovascular disease and oncology, and create a powerful product-focused biopharmaceutical company," said Vaughn Kailian, CEO of COR. "Both companies have a shared commitment to the discovery and development of novel products and a shared passion to delivering products to the market that provide new therapies for patients."

https://www.chemeurope.com/en/news/6487/millennium-and-cor-therapeutics-agree-to-merge.html