Takeda, Japan's largest drugmaker, agreed to buy Millennium Pharmaceuticals Inc. for $8.8 billion, gaining blood-cancer medicine Velcade before the patent on its best-selling Actos diabetes pill expires in 2011.
Stockholders of Cambridge, Massachusetts-based Millennium will receive $25 a share in cash, 53 percent more than yesterday's closing price, the two companies said in a statement today.
It is Japan's largest drug acquisition.
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