CAMBRIDGE-- Millennium Pharmaceuticals, Inc. today announced it has entered into an agreement to acquire AnorMED, Inc. , a Canadian-based biopharmaceutical company with a late-stage Phase III hematology-oncology product, MOZOBIL. Under the terms of the agreement approved by the boards of directors of both companies and the largest shareholder of AnorMED, Millennium will commence within ten days a cash tender offer to acquire the shares of AnorMED stock at a price of U.S. $12.00 per outstanding share, for a total purchase price of approximately $515 million. This represents approximately a 21 percent premium over the closing price of AnorMED's shares on September 25, 2006.
WHAT IS MOZOBIL AND HOW DOES IT WORK?
MOZOBIL is used in Cardiac Tissue Repair. Mozobil is a stem cell mobilizer. We all have heard of stem cells so that part is explained. This drug is telling the body to release it's own bone marrow derived stem cells to leave and enter the blood. It is a small molecule therapeutic that blocks a specific cellular receptor, CXCR4. CXCR4 is a cytokine [chemokine] receptor on many types of cells. By blocking this receptor it stops cancer cells from moving to other parts of the body. It does this by inhibiting cell homing briefly while the stem cells enter the blood. The stem cells can then be collected and used later in the patient.
Stem cells play an important role in the repair of damaged tissue and organs.
Anormed closed trading today up nearly 27% at 14.06 in heavy trading on the Toronto exchange. On the NASDAQ exchange (ANOR) closed up over 28% to 12.74. Millennium closed unchanged.
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