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FTC Clears Millennium Acquisition of COR

NEW YORK, Jan. 18 - Federal regulators have cleared Millennium Pharmaceuticals' proposed acquisition of COR Therapeutics, the companies announced on Friday.

The US Federal Trade Commission has ended the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on Jan. 14, giving the deal the green light.

The deal, which remains subject to a variety of customary closing conditions, will be voted on by shareholders from both firms on Feb. 12, the firms said.

As GenomeWeb reported, Millennium and COR announced their plans to merge on Dec. 6 in a deal that calls for Millennium to trade 0.9873 of its shares for each COR share and to issue a total of 58 million shares to COR shareholders.

When the deal was announced, it was worth an estimated $2 billion, and was the biggest proposed acquisition ever in the biotechnology industry. It was easily overshadowed by the proposed acquisition of Immunex by Amgen, announced late last year and valued at $16 billion in cash.

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