Thursday, April 10, 2008

A Bio Buyout - Millennium

All I can say is “wow” with the acquisition of Millennium Pharmaceuticals for $9 billion by the Takeda, a Japanese pharma. I’ve always thought that Millennium would be taken out, but not for such a high premium. Here’s a company that’s expected to generate $670 million in sales for 09 with the primary sales driver being Velcade. That’s 13 times sales… They’re paying a lot! In any case, I think this will ignite the biotech sector. You have some of the big names reporting soon such as Genentech (after the bell today), Genzyme (4/23), and Biogen Idec (4/23). I’m very positive with the biotech sector in this gloomy economic environment.


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