Millennium Pharmaceuticals

Despite layoffs, scientists in high demand

Calisha Myers — Fri, 26 Sep 2008 11:20:12 -0400

Good news for scientists and researchers: despite a number of layoffs and hiring freezes, there is still high demand in the biotech industry. And human resources managers are going above and beyond to attract good talent.

Cambridge-based Millennium Pharmaceuticals and Cubist Pharmaceuticals are among the companies planning to hire more employees. Over the next 14 months, Millennium--recently acquired by Japan-based Takeda--will hire 300 people, including data managers, oncologists and salespeople, according to a report in the Boston Herald.

While the job market may be waning in some states, Massachusetts seems to be at the center of the biotech expansion. The state recently approved a $1 billion economic incentive package for the life sciences industries, and new companies are relocating to Massachusetts while others are expanding their operations. According to a report from MassBio and the Massachusetts Life Sciences Center, 85 percent of the state's life-sciences employers expect to expand in the next two years. And apparently finding life sciences candidates is difficult: 90 percent of employers surveyed said they had difficulty hiring clinical research staff.

Millennium has begun advertising its job opportunities on a billboard near Boston's Museum of Science. Not one to shy away from competition, the company has also decided to strategically place advertisements inside Cambridge subway stations located near other life-sciences companies, as well as inside shuttle buses that transport workers to and from various biotech research centers.

- read the Boston Herald report

Takeda gains RNAi tech with $1B Alnylam deal

Tue, 27 May 2008 06:59:58 -0400

Takeda's quest to expand in the U.S. market--and off-set expiring patents on big drugs--continues. The Japanese company announced today a $1 billion alliance with RNAi company Alnylam. The deal covers RNAi therapeutics in the fields of oncology and metabolic disease with the option to expand to additional therapeutic areas in the future. Alnylam gets $100 million in up-front and additional $50 million in near-term technology transfer payments. Takeda can expand the partnership in the future to include additional fields, with a payment of $50 million to Alnylam for each additional field. Finally, Alnylam will receive $171 million in milestones, along with royalties, for each product developed as part of the deal.

"We believe this alliance will accelerate our initiatives to establish the foundation for RNAi drug discovery supported by Alnylam's platform technologies and know-how. We expect that our product portfolio will be enhanced by the addition of RNAi therapeutics to our current small molecule and anti-body research platforms," said Takeda's president Yasuchika Hasegawa. Just two months ago Takeda forked over $8.8 billion dollars to buy Millennium Pharmaceuticals, bolstering its oncology pipeline.

- here's Takeda's release
- read the Wall Street Journal article for more

Millennium's Levin uses golden touch to fund start-up

Tue, 29 Apr 2008 06:59:57 -0400

Mark Levin earned a reputation for a colorful personality with an incredible knack for raising cash as co-founder of Millennium Pharmaceuticals. Two weeks ago, Takeda helped seal Levin's reputation in biotech with its $8.8 billion acquisition of Millennium. And Levin, who ran Millennium as CEO from 1993 to 2005, has sealed his reputation for raising cash with a $32 million Series A to get Constellation Pharmaceuticals up and running.

Levin is betting on the therapeutic power of epigenetics, the ability to switch genes on and off. So are Third Rock Ventures, The Column Group and Venrock, which co-led the round. Levin, a Third Rock partner, is acting CEO of Constellation. The company's list of founders includes some scientific heavyweights: Danny Reinberg, Ph.D, New York University School of Medicine; Yang Shi, Ph.D., Harvard Medical School and David Allis, Ph.D., The Rockefeller University.

Constellation isn't the only new epigenetics company to get started. The Boston Globe notes that MPM Capital of Boston and Kleiner Perkins Caufield & Byers have quietly launched EpiZyme, a very low-profile start-up that currently isn't doing much talking.

- check out the Constellation release
- read the report in the Boston Globe

Mass. biotechs ripe for buyouts

Fri, 25 Apr 2008 06:59:54 -0400

Recently, GSK forked over $720 million for Sirtris Pharmaceuticals and Japan's Takeda made an $8.8 billion bid for Millennium Pharmaceuticals. And the Boston Business Journal wonders which Massachusetts-based company is next on the buyout hit-list?

Cubist Pharmaceuticals, Epix Pharmaceuticals and Alynlam Pharmaceuticals, to name a few. Biogen Idec could be an acquisition target for a large biotech. According to MassBIO, 189 of the state's companies have drugs in Phase II, and another 69 have Phase III drug in the works. As one investment banker observes, up to three dozen Massachusetts drug developers could be up for grabs.

- see the Boston Business Journal report

ALSO NOTED: AIDS vaccine researchers years away from success; Amgen reports earnings; and much more...

Fri, 25 Apr 2008 06:59:50 -0400

> Following a series of major setbacks trying to develop a vaccine for AIDS, pessimistic researchers say they're years away from success. Report

> AstraZeneca and Amgen have posted their earnings. Earnings report

> FDA inspectors found 49 problems at Merck's West Point, PA, vaccine plant--problems independent experts called "serious concerns." Merck report

> Sanofi-Aventis announced that small amounts of an impurity have been found in batches of its heparin injection Lovenox. Sanofi report

> You can't say Takeda Pharmaceutical is unwilling to take risks. The Japanese drugmaker went out on an $8.8 billion limb in bidding for the U.S. biotech Millennium Pharmaceuticals. Investors weren't impressed; they dragged share prices down by 8 percent almost immediately. Report

> After more than a decade of attempts, it looks like Congress might finally pass a bill that would block health insurers from denying coverage to otherwise healthy persons based on their genetic predisposition to come down with a particular disease. Report

> GSK is confident it can prevail in vaccine battle. Report

> Genocea Biosciences has been recognized as the best vaccine startup company at a meeting of the World Vaccine Congress in Washington D.C. Report

And Finally... The Democratic Party may not have its nominee yet, but Big Pharma apparently does. At a mock election this week at the DTC National Conference, Barack Obama trounced Hillary Clinton with 59 percent of the vote to her 40 percent. Election report

Takeda makes $8.8B bid for Millennium

John Carroll — Thu, 10 Apr 2008 08:51:20 -0400

Looking to expand out of a budget-bound Japanese market, Takeda is taking a big chunk of its $10 billion war chest and offering $8.8 billion in cash for U.S.-based Millennium Pharmaceuticals. The $25 per share offer is a 65 percent premium over Wednesday's close. Millennium is best known for the cancer drug Velcade, which Takeda is looking to turn into a global blockbuster. That would go a long way toward overcoming the looming patent expirations for Actos and Prevacid.

Recently Takeda and Abbott split up their long-time drug development partnership. That move boosted Takeda to the 14th largest drug company in the world, but investors have been fretting over the absence of a big takeover. Millennium has more than a half billion dollars in revenue last year and also has a number of inflammation and cancer therapies in the pipeline, which would also address Takeda's interest in oncology.

"Millennium greatly strengthens Takeda's global oncology portfolio, led by the flagship product Velcade, and further enhances its pipeline with clinically differentiated, high-quality product candidates," said Yasuchika Hasegawa, President of Takeda Pharmaceutical Company Limited.

- here's the release
- see this article from Forbes

Millinneum News:
Millennium chief scientist takes offbeat approach
Millennium spent $1.3M on lobbying
Positive Velcade data fuels stock rise
Analysts tag Velcade as blockbuster

Takeda News:
Amgen, Takeda ink massive development deals
Takeda expands R&D budget, may look for buyout.
Safety, efficacy problems sink Takeda drug
Cell Genesys scores $320M blockbuster deal with Takeda

Takeda makes $8.8B bid for Millennium

Thu, 10 Apr 2008 06:59:58 -0400

Recently Takeda and Abbott split up their long-time drug development partnership. That move boosted Takeda to the fourteenth largest drug company in the world, but investors have been fretting over the absence of a big takeover. Millennium has more than a half billion dollars in revenue last year and also has a number of inflammation and cancer therapies in the pipeline, which would also address Takeda's interest in oncology. "Millennium greatly strengthens Takeda's global oncology portfolio, led by the flagship product Velcade, and further enhances its pipeline with clinically differentiated, high-quality product candidates," said Yasuchika Hasegawa, President of Takeda.

- here's the release
- check out the report from Forbes

Related Articles:
Millennium chief scientist takes offbeat approach
Positive Velcade data fuels stock rise
Analysts tag Velcade as blockbuster
Amgen, Takeda ink massive development deals
Takeda expands R&D budget, may look for buyout.
Cell Genesys scores $320M blockbuster deal with Takeda

Millennium chief scientist takes offbeat approach

Thu, 03 Apr 2008 07:59:55 -0400

The Scientist profiles Millennium Pharmaceuticals CSO Joe Bolen, whose team has been advancing a new therapy that targets molecules "upstream" from Velcade. The data will be released at the American Association of Cancer Research meeting. "We'll be the belles of the ball at AACR with this one," says Bolen, whose scientific journey started at the University of Nebraska and wound through 10 years of work at the NIH, where he won the institute's Meritorious Research for his work on protein tyrosine kinase oncogenes.

- read the profile in The Scientist

Related Articles:
Millennium spent $1.3M on lobbying. Report
Positive Velcade data fuels stock rise. Report
Millennium to buy AnorMed for $515M. Report

ALSO NOTED: Genentech options Exelixis inhibitor; Millennium reports positive data for cancer cocktail; Immtech CEO takes a pay

Fri, 14 Mar 2008 07:59:50 -0400

> Exelixis announced that Genentech has exercised an option to develop Exelixis' XL518, a selective inhibitor of MEK which is currently in a Phase I clinical trial. Exelixis earns $3 million on the option. Release

> Millennium Pharmaceuticals has posted positive data in a study of a drug cocktail that includes its cancer drug Velcade. The combo was being tested on patients with multiple myeloma who were ineligible for stem-cell transplantation. Report

> Immtech CEO Eric L. Sorkin has volunteered to take a pay cut during this fiscal year. Release

> AVI BioPharma has acquired all the outstanding shares of Ercole Biotech it didn't already own. Ercole has been working on alternative RNA splicing technology. Report

> Calando Pharmaceuticals, a subsidiary of Arrowhead Research, has asked the FDA for a green light to begin an early-stage trial of a cancer therapy. Report

> For the first time, federal authorities are conceding a link between vaccines and autistic symptoms--just not the link activists thought. Report

> The venture capital group Perseus has pumped $10 million dollars into NanoBio, bringing its total investment in the University of Michigan spin-off to $30 million. Report

Most popular this week: Breakthrough reported in flu vaccine research. Report

And Finally...New Jersey, an aggressive suitor of biotech companies, is offering ImClone $32 million in tax rebates to woo it to the Garden State. Report

Millennium spent $1.3M on lobbying

Fri, 08 Feb 2008 06:59:56 -0500

According to public records, Millennium Pharmaceuticals spent $1.3 million in 2007 lobbying the federal government on patent reform and biotech drug regulation. A bill--currently in the Senate--had drawn the ire of pharmaceutical companies. Among other things, the bill calls a reduction in the number of patent infringement lawsuits and the institution of a post-approval patent re-evaluation process. Pharma companies fear that such a law would weaken patent protection. Amgen also spent a chunk of money lobbying against the patent bill.

Millennium also lobbied for legislation that would pave the way for approval of generic biotech drugs. You can bet Amgen wasn't with them on that one.

- see this Forbes article
- read the AP report on Amgen's activities

ALSO: Pharma may be giving big bucks to presidential candidates--$9.1 million so far--but it's surpassed by 16 other industries, according to the Center for Responsive Politics. Report

Related Articles:
Pharma lobbies big-time in '07. Report
Drug lobby stalls pro-generics bill. Report
Amgen ups lobbying efforts. Report
Abiomed shells out $100,000 to lobby feds. Report

ALSO NOTED: University spins off drug delivery company; Millennium Phase II meets goal; Will the FDA get money to flex muscles?

Wed, 07 Nov 2007 06:59:50 -0500

> The University of Leuven has spun off Formac Pharmaceuticals, banking on new drug delivery technology to tackle poorly soluble molecules. Release | Report

> A Phase II trial of Millennium Pharmaceuticals' MLN1202 met its primary endpoint of reducing C-reactive protein levels in patients at high-risk for atherosclerotic cardiovascular disease. MLN1202 is a novel, humanized monoclonal antibody. Release

> Sure enough, President Bush announced yesterday that he'd like to pump up the power at the FDA, but said not a word on increased funding for the effort. Report

> Norway's SantoSolve raised $7 million in a new venture round, enough money to push its lead pain therapy, 2PX, into a late stage study. Release

> Biovail has acquired marketing rights to two early stage therapies from Pharma Pass II. Report

> Kiadis Pharma's lead product, ATIR, has been granted orphan drug designation by the FDA as a therapy for immune reconstitution and prevention of Graft versus Host Disease (GvHD) following allogeneic bone marrow transplantation. ATIR is currently in phase I/II clinical studies and anticipated to enter clinical phase III studies in 2008. Release

> Apitope Technology has completed dosing six multiple sclerosis patients in a Phase I/IIa trial of ATX-MS-1467. The therapeutic vaccine was found to be safe and well tolerated. Release

> A federal judge dealt a blow to Johnson & Johnson's trademark-infringement suit against the American Red Cross. Report

> Neural stem cells were used to stimulate the learning and memory abilities of mice engineered to mimic the severe disabilities produced by Alzheimer's and stroke. Report

> A chemistry professor at the University of Illinois at Urbana-Champagne says that an iron-based catalyst she developed with a colleague could speed the drug delivery and manufacturing process. Report

And Finally... Here's a little secret about Eli Lilly's U.S. president Deidre Connelly (photo): She likes to go undercover. Report

SPOTLIGHT: Positive Velcade data fuels stock rise

Tue, 18 Sep 2007 06:59:53 -0400

Shares of Millennium Pharmaceuticals shot up this morning after the company announced that a late-stage trial of Velcade proved effective against multiple myeloma. Researchers stopped the trial so that all the participants could receive the drug, which is also being developed for non-Hodgkin's lymphoma. Release

VC launches $378M fund

Fri, 14 Sep 2007 06:59:56 -0400

Boston-based Third Rock Ventures has launched a fund with $378 million of committed capital that will be used to invest in life sciences companies at the early stages of formation. Third Rock said it will be looking to invest in companies with "product engines," or technologies that are capable of creating products in multiple diseases. "The members of the Third Rock team have a strong track record for integrating scientific ideas with business strategy, and we are excited to apply this know-how to help entrepreneurs launch innovative companies, create exceptional value, and develop products that create medical breakthroughs for patients," said Kevin Starr, partner of Third Rock Ventures. The company's partners include several Millennium Pharmaceuticals alumni.

- check out the release

Related Articles:
The Top 5 VC deals of the first half of 2007. Special report
Biotech sees big money from corporate players. Report
Pfizer to invest $50M in biotech startups. Report
The 10 Commandments of biotech investing. Report

ALSO NOTED: Titan discontinues Phase II; Poniard lines up $15M; and much more...

Wed, 25 Oct 2006 20:01:30 -0400

> Titan Pharmaceuticals announced it was launching a Phase III trial for opioid independence but discontinued a Phase II trial of an experimental therapy for CHF without explanation. Report

> South San Francisco-based Poniard has secured a $15 million loan. Release

> Bilcare has acquired DHP, a UK-based clinical trials service provider. Report

> Insert Therapeutics has completed a $10 million private placement. Release

> Evolutec has raised 2.8 million stg in a private placement. Report

> Millennium Pharmaceuticals discussed plans to focus on Velcade and pipeline development in its latest quarterly report. Report

> The FDA has signed off on Human Genome Sciences Phase III trial of LymphoStat-B. Report

And Finally... Researchers are studying the use of fat stem cells for breast reconstruction. Release

Genzyme wins bidding war for AnorMED

Mon, 16 Oct 2006 20:01:35 -0400

It looks like that Genzyme has won the battle to acquire Canada's AnorMed. AnorMed's board has approved Genzyme's offer of $13.50 a share, which values the company at $580 million. That's $200 million more than Genzyme first offered and significantly higher than the $515 million offered by Millennium Pharmaceuticals in a competing bid. Millennium has bowed out of the bidding, but says it's owed $19.5 million under the terms of its pact with AnorMED. The deal will net Genzyme AnorMed's lead product: Mozobil, now in Phase III for hematopoietic stem cell transplantation.

- here's the release on the buyout agreement
- and more on the deal from the CBC

Related Articles:
Genzyme to pursue rare hostile biotech bid. Report
Millennium to buy AnorMed for $515M. Report
Genzyme boosts AnorMed bid to $580M. Report
AnorMED gives Genzyme bid thumb's up. Report

Genzyme boosts AnorMED bid to $580M

Mon, 09 Oct 2006 20:01:38 -0400

Genzyme has announced it is willing to offer $13.50 a share for AnorMED in a deal valued at $580 million. That's $200 million more than it offered a few weeks ago and $65 million higher than the offer from Millennium Pharmaceuticals, which AnorMED has recommended to investors. Genzyme's seriously sweetened offer is contingent on AnorMED's support. AnorMED's board swiftly rejected Genzyme's original offer in September, noting that it felt the $8.55 bid significantly undervalued the company. In the new proposal, Genzyme is also looking to do more due diligence on Mozobil, AnorMED's lead product.

- read the AFX report for more information

Related Articles:
AnorMed rejects Genzyme takeover bid. Report
Genzyme signals it may up AnorMED bid. Report

DEALS: Merck KGaA buys Serono for $13.3B

Wed, 27 Sep 2006 20:01:32 -0400

Merck KGaA buys Serono for $13.3B

DEALS
WHO	WITH	WHAT	SCOOP
Merck KGaA	Serono	$13.3B buyout	The deal appears to have been heavily influenced by Merck's decision to keep Serono's headquarters in Geneva.
Altana	Nycomed	$5.8B sale	Germany-based Altana is selling its pharmaceutical business to Denmark's Nycomed for €4.5 billion.
Hospira	Mayne Pharma	$2.63B buyout	Hospira sees the move as a big boost to its international efforts in marketing generic injectables.
Millennium Pharmaceuticals	AnorMed	$515M buyout	Millennium Pharmaceuticals has beat out out Genzyme's bid for Millennium Pharmaceuticals.
UCB	Schwarz Pharma	$5.6M buyout	The two companies will enjoy about €3.3 billion in revenue and an R&D budget of €770 million.
Novartis	Cell Therapeutics	$285M licensing deal	The deal is for the cancer therapy Xyotax.
Elan	Transition Therapeutics	$200M licensing deal	The pact covers AZD-103, which is in Phase II.
Pfizer	TransTech	$155M licensing deal	The deal covers the worldwide rights to compounds that target the receptor for advanced glycation end products (RAGE) and have potential use in the treatment of Alzheimer's disease.
Pfizer	Atugen/SR Pharma	$95M licensing deal	The deal is for an RNAi treatment for age-related macular degeneration developed with Quark Biotech.
Biogen Idec	MondoBiotech	$37.5M licensing deal	Biogen Idec is gaining the rights to develop a new therapy for pulmonary arterial hyperntension.
Schering	AstraZeneca	Development pact	Germany's Schering and the UK's AstraZeneca are joining forces to develop a new therapy for breast cancer.

Millennium to buy AnorMed for $515M

Tue, 26 Sep 2006 20:01:38 -0400

Cambridge, MA-based Millennium Pharmaceuticals has agreed to pay $515 million to buy Canada's AnorMed, beating out Genzyme for the company. Genzyme had put AnorMed in play with its $380 million offer, but AnorMed signaled from the start that it felt it was worth more. Millennium is buying a company with no approved products but an advanced stem cell therapy, Mozobil, for treating certain types of blood cancer. Mozobil releases bone marrow cells so that they can be harvested and used to treat multiple myeloma and non-Hodgkin's lymphoma. AnorMed's shares jumped 26 percent on the news. The company is still able to entertain higher offers, but could face a termination fee if they end up rejecting Millennium as well.

"This proposed acquisition is aligned with our goal to bring in products that accelerate revenue growth, leverage our oncology sales infrastructure and benefit from our development, regulatory and commercial expertise," said Millennium CEO Deborah Dunsire.

- read the report on the buyout from TheStreet.com

ALSO NOTED: Merck boosts stake in Schering; Lipitor studied for ALS; and much more...

Thu, 08 Jun 2006 20:00:50 -0400

> Merck KGaA has boosted its stake in Schering to more than 10 percent, raising speculation about its possible impact on the planned merger of Bayer and Schering. Report (WSJ sub. req.)

> Lipitor's ability to regulate immune systems has given hope to researchers who believe the cholesterol drug may be an effective weapon in the fights against ALS, amyotrophic lateral sclerosis or Lou Gehrig's disease, as it is best known as. Report

> Hana Biosciences has won orphan drug status for its experimental brain tumor drug Ropidoxuridine. Report

> Millennium Pharmaceuticals has asked the FDA for approval to expand the use of Velcade to include patients with mantle cell lymphoma. Report

> The FDA has approved Merck/Schering-Plough Pharmaceuticals expanded use of the cholesterol drug Zetia. Report

> Trophos plans to launch a Phase II trial for a diabetic neuropathic pain therapy following successful preclinical studies. Release

> Novartis has received FDA approval for two new doses of the antihypertensive drug Lotrel. Report

And Finally… In an editorial, The New York Times cheers on scientists engaged in new embryonic stem cell cloning efforts, despite attempts by the Bush administration to restrict research in the field. Editorial

SPOTLIGHT: Millennium Pharmaceuticals reaches $10M milestone

Wed, 08 Mar 2006 19:01:33 -0500

Millennium Pharmaceuticals has reached a $10 million milestone payment from Johnson & Johnson for sales of Velcade. Release