Biotech Firm Buying LeukoSite
CAMBRIDGE (AP) _ Millennium Pharmaceuticals announced Thursday it will buy LeukoSite, another Cambridge biotechnology company, for $635 million in stock.
In the deal, announced after the close of trading, Millennium will pay $35.86 of its own shares for every share of LeukoSite, a 49 percent premium to the stock’s closing price Thursday.
Shares of LeukoSite on Thursday closed up $1.75, or 7.8 percent, at $24.12 1/2 on the Nasdaq Stock Market. Shares of Millennium closed at $83.47, down three cents.
Millennium is a leader in the field of genomics, which involves the use of genes and proteins in drug development. The company has focused on developing drugs in three areas: obesity and metabolic disease; oncology, and inflammatory disorders. It had 1998 sales of $133.7 million.
LeukoSite, with 1998 sales of $12.1 million, develops treatments for cancer and other diseases associated with malfunctioning leukocytes, or white blood cells.
The deal is subject to approval by LeukoSite shareholders and antitrust clearance.