Corporate Restructuring

Pharmaceutical development company announces changes

Published in Drug Week, July 4th, 2003

Millennium Pharmaceuticals, Inc., (MLNM) announced a restructuring initiative designed to focus the company's resources on development and commercialization of product opportunities while also achieving its goal of reaching profitability by 2006.

Key elements of the restructuring will include concentration of research and development operations into a single location, Cambridge, Massachusetts, a reduction in overall headcount from approximately 2,300 to approximately 1,700 by the end of 2004, and a greater focus within a more tightly defined portfolio of discovery and development projects.

"The recent approval and launch of Velcade (bortezomib) for...

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Source: Drug Week (2003-07-04)

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