75 Sidney Street Cambridge, MA 02139 Phone: 617-679-7000 www.millennium.com
Mark Levin, chairman and CEO NASDAQ:MLNM
Founded in 1993, Millennium has a corporate vision of providing “personalized and precise medicine by integrating breakthrough products and predictive medicines.” Using either its own methods or in-licensed technologies, including biosensors, high-throughput DNA sequencing, high-throughput screening, imaging, informatics and microfluidics, Millennium chases its goal of kneading the genome to discover and develop drugs. Its focuses mainly on developing small-molecule drugs, typically formulated into oral pills, as well as proteins and monoclonal antibodies, typically delivered in injectable or other non-oral forms, that treat diseases at their root cause.
Millennium has chosen three disease categories as franchise areas: oncology, inflammation and metabolic diseases, including obesity.
Millennium has programs that address a variety of cancers, including melanoma, leukemia and pancreatic, breast, lung and colorectal cancers. It is actively engaged in target-specific, inflammation-related drug discovery and development programs.
Millennium has two candidates from its oncology division in clinical trials, four candidates in the clinic for its inflammatory conditions and preclinical work under way in all three of its franchise areas.
On May 8, 2001, the FDA approved Campath (alemtuzumab) for use in patients with refractory chronic lymphocytic leukemia who have been treated with alkylating agents and have failed fludarabine therapy. Later in October, Millennium and ILEX Oncology Inc., of San Antonio, dissolved their joint venture, called Millennium & ILEX Partners LP, with Millennium selling its 33 percent stake in Campath to ILEX for about $140 million.
In September 2001, Millennium and Bayer AG, of Leverkusen, Germany, reworked their $465 million 1998 deal, saying they had identified more than 140 disease-relevant drug targets to date and were broadening their alliance to include the identification of drug targets relevant to thrombosis, urinary incontinence and benign prostatic hypertrophy.
In March 2001, Abbott Laboratories, of Abbott Park, Ill., signed a deal focused on obesity and diabetes expected to bring Millennium up to $250 million through an equity investment by Abbott.
But Millennium’s most notable news in 2001 came near the end of the year, when it announced it was buying COR Therapeutics Inc., of South San Francisco, in a stock exchange valued at $2 billion. The move gives Millennium COR’s Integrilin, a product indicated for the treatment of patients with acute coronary syndrome, including patients who are to be managed medically and those undergoing percutaneous coronary intervention. It also is indicated for use at the time of percutaneous coronary interventions, including procedures involving intracoronary stenting.
Millennium has other collaborations in therapeutics with Aventis Pharama, Genentech Inc., Ilex Oncology and Schering AG/Berlex Laboratories Inc., Roche Bioscience, Taisho Pharmaceutical Co. Ltd. and XOMA Ltd.; and in technology transfer with Eli Lilly & Co., Astra AB, American Home Products/Wyeth-Ayerst and Pharmacia Corp.