NEW YORK, Dec. 6 - Millennium Pharmaceuticals said on Thursday it plans to acquire COR Therapeutics in a stock swap worth $2 billion.
Terms of the deal call 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.
The deal will also plant four of COR's board members onto Millennium's board. Several members of COR's management team have also agreed to join Millennium management.
"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, Millennium's CEO. He added the acquisition "provides commercial operating infrastructure, [and] leading-edge clinical and research programs" for Millennium.
Other details were not disclosed.
Last week, Millennium said it had begun Phase I clinical trials for its first molecule directed against a genomically derived target for metabolic disease.
The compound, called MLN4760, was synthesized by Millennium and was designed with the hope of providing a treatment for obesity. The company partnered with Abbott Park, Ill.-based Abbott Laboratories to develop the drug.