1. Millennium Pharmaceuticals, Inc. What happened next?

2. Should they do the deal? Yes, because: Long-term revenues ($220 MM plus) Firm growth (1000 to 1300 employees) Further commitment to agribusinesss Software development and documentation

3. Should they do the deal? No, because: 1000 employee threshold Already spread thin Agribusiness is not the long term goal Lundberg’s lack of preparation raises commitment and understanding concerns

4. Should they do the deal?

5. Did they do the deal? No, they did not. Review of the Millennium website indicates that they have not done any agribusiness deals since Monsanto.

6. Millennium –strategic direction Speed drug development through technology Serial steps in parallel “Front load” the discovery process Strategic alliances Become an integrated pharmaceutical firm

7. How have they done? Speed the process According to an article from TheStreet.com (July 17, 2002), to date, Millennium has only one internally developed drug, an experimental metabolic drug in early Phase I testing, in clinical trials.

8. How have they done? Strategic alliances Since the Bayer deal, Millennium has successfully completed eight (8) major strategic alliances.  These alliances have covered a variety of strategic areas, to help Millennium internalize new skills. In addition to the alliances, they have completed at least one major acquisition, Cor Therapeutics.

9. How have they done? Become an integrated pharmaceutical firm: Simply put – they have not. Their current revenue leading drug – Integrilin – came as part of the Cor Therapeutics acquisition and is marketed in conjunction with Schering-Plough.

10. How have they done financially? Market cap of ~$3 Billion 2002 expected sales of $300 Million Second quarter loss (excluding charges and gains) $0.16 / share vs. $0.19 (analyst expected) Drug pipeline – “Viable and growing” TheStreet.com July 17, 2002

11. How have they done financially?

12. Core Competencies(then & now) Platform Productivity Innitiative Mergers and Alliances Franchise Areas People Source Millennium.com July 31, 2002