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<font face="Times New Roman, Times, Serif" size=5><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br></b></font>
<font face="Times New Roman, Times, Serif" size=2>Washington, DC 20549</font>
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<font face="Times New Roman, Times, Serif" size=5><b>FORM 8-K<br>
<br></b></font></p>
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<font face="Times New Roman, Times, Serif" size=5><b>CURRENT REPORT</b></font><br><font face="Times New Roman, Times, Serif" size=2><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934<br></b></font></p>
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<font face="Times New Roman, Times, Serif" size=2>Date of Report&nbsp;&nbsp;(Date of earliest event reported):&nbsp;&nbsp;&nbsp;&nbsp;March 3, 2006</font><br></p>
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<font face="Times New Roman, Times, Serif" size=5><b>MILLENNIUM PHARMACEUTICALS, INC.</b></font><br><font face="Times New Roman, Times, Serif" size=2>(Exact name of registrant as specified in its charter)</font></p>
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<td width=33% align=center valign=top><font face="Times New Roman, Times, Serif" size=2><b>Delaware</b></font></td>
<td width=34% align=center valign=top><font face="Times New Roman, Times, Serif" size=2><b>0-28494</b></font></td>
<td width=33% align=center valign=top><font face="Times New Roman, Times, Serif" size=2><b>04-3177038</b></font></td>
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<td width=33% align=center valign=top><font face="Times New Roman, Times, Serif" size=2>(State or other jurisdiction<br>of incorporation)</font></td>
<td width=34% align=center valign=top><font face="Times New Roman, Times, Serif" size=2>(Commission file number)</font></td>
<td width=33% align=center valign=top><font face="Times New Roman, Times, Serif" size=2>(IRS&nbsp;Employer<br>Identification&nbsp;No.)</font></td>
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<p align=center><font face="Times New Roman, Times, Serif" size=2><b>40 Landsdowne Street<br>Cambridge, Massachusetts 02139</b><br>
(Address of principal executive offices)&nbsp;(zip code)</font></p>

<p align=center><font face="Times New Roman, Times, Serif" size=2><b>(617)&nbsp;&nbsp;679-7000<br></b>
(Registrant's telephone number, including area code)</font></p>

<p align=center><font face="Times New Roman, Times, Serif" size=2><b>Not applicable<br></b>
(Former name or former address if changed since last report)</font></p>

<p align=left><font face="Times New Roman, Times, Serif" size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>

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<td align=right valign=top width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=right valign=top width=1%><font face="Times New Roman, Times, Serif" size=2>&#144;</font></td>
<td align=right valign=top width=2%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=left valign=top width=94%><font face="Times New Roman, Times, Serif" size=2>Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td>
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<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
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<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&#144;</font></td>
<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=left valign=bottom><font face="Times New Roman, Times, Serif" size=2>Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td>
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<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
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<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&#144;</font></td>
<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=left valign=bottom><font face="Times New Roman, Times, Serif" size=2>Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr>
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<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
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<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&#144;</font></td>
<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=left valign=bottom><font face="Times New Roman, Times, Serif" size=2>Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr>
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<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=right valign=top><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
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<p align=left><font face="Times New Roman, Times, Serif" size=2><b>Item&nbsp;&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.
</b></font></p>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On September 15, 2005, Millennium Pharmaceuticals, Inc. (&#147;the Company&#148;)
issued to Robert Tepper 45,000 shares of the Company&#146;s common stock and issued to
Marsha H. Fanucci 35,000 shares of the Company&#146;s common stock under Restricted Stock
Agreements with each of them dated September 15, 2005. On March 3, 2006, the Compensation
and Talent Committee of the Company&#146;s Board of Directors amended the Restricted Stock
Agreements with Dr. Tepper and Ms. Fanucci to change the vesting schedule from 50% of the
shares vesting on September 15, 2008 and 50% on September 15, 2009 to 50% of the shares
vesting on September 15, 2006 and 50% on September 15, 2007. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On March 3, 2006, the Company&#146;s
Board of Directors adopted the Company&#146;s Non-Qualified Deferred Compensation Plan.
The Deferred Compensation Plan allows employees at the level of Vice President and above
to elect to defer payment of base salary and annual bonus amounts until retirement,
separation of service, or preset dates at least 12 months after the payment would normally
have been made. Distribution of amounts deferred under the Plan are made in a lump sum or
up to a preset number of payments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On March 3, 2006, the Company&#146;s Board of
Directors approved the
Company&#146;s Key Employee Change in Control Severance Plan. Similar to the provisions of
the offer letter agreement dated June 23, 2005, between the Company and Deborah Dunsire,
its Chief Executive Officer, the Severance Plan provides separation pay and benefits to
the Company&#146;s Management Team, and Executive and Senior Vice Presidents of the
Company whose employment is involuntarily terminated without cause or voluntarily
terminated for good reason within one month before or 12 months following the effective
date of a change in control of the Company. Specifically, the Severance Plan provides for
payment to the employee over a period of from 12 to 24 months depending on level, of an
amount equal to the base salary for the period, the target bonus for the period, and the
pro rata portion of the employee&#146;s target bonus for the year in which termination
occurs equal to the portion of the year in which the employee is employed by the Company.
In addition the Company will pay for a period of from 12 to 18 months, depending on level,
the portion of premiums for COBRA coverage for the employee and eligible dependents equal
to the amount that the Company paid for group health insurance prior to termination. The
Severance Plan also provides for excise tax gross-up payments subject to limitations. Any
prior agreements relating to severance benefits entered into between the Company and any
employee eligible to receive benefits under the Severance Plan are superseded to the
extent the severance benefits payable under the Severance Plan exceed those provided for
in any such prior agreement. </FONT></P>







<p align=center><font face="Times New Roman, Times, Serif" size=2>2</font></p>
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<p align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><a name="sig">SIGNATURE</a></b></font></p>

<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.</font></p>




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<td width=30%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=30%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td colspan=2><font face="Times New Roman, Times, Serif" size=2>MILLENNIUM PHARMACEUTICALS, INC.<br>(Registrant)<br><br></font></td>
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<td width=30%><font face="Times New Roman, Times, Serif" size=2>Date: March 8, 2006&nbsp;</font></td>
<td width=30%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=4%><font face="Times New Roman, Times, Serif" size=2>By&nbsp;</font></td>
<td width=36% align=left><font face="Times New Roman, Times, Serif" size=2>/s/&nbsp;&nbsp;MARSHA H. FANUCCI</font></td>
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<td width=30%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=30%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=4%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=36% align=left><font face="Times New Roman, Times, Serif" size=2></font><hr noshade></td>
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<td width=30%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=30%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=4%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=36% align=left><font face="Times New Roman, Times, Serif" size=2>Marsha H. Fanucci</font></td>
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<td width=30%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=30%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=4%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=36% align=left><font face="Times New Roman, Times, Serif" size=2>Senior Vice President and Chief Financial Officer</font></td>
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<p align=center><font face="Times New Roman, Times, Serif" size=2>3</font></p>
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report  (Date of earliest event reported):    March 3, 2006
MILLENNIUM PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware
0-28494
04-3177038
(State or other jurisdiction
of incorporation)
(Commission file number)
(IRS Employer
Identification No.)
40 Landsdowne Street
Cambridge, Massachusetts 02139
(Address of principal executive offices) (zip code)
(617)  679-7000
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item  1.01    Entry into a Material Definitive Agreement.
On September 15, 2005, Millennium Pharmaceuticals, Inc. ("the Company")
issued to Robert Tepper 45,000 shares of the Company's common stock and issued to
Marsha H. Fanucci 35,000 shares of the Company's common stock under Restricted Stock
Agreements with each of them dated September 15, 2005. On March 3, 2006, the Compensation
and Talent Committee of the Company's Board of Directors amended the Restricted Stock
Agreements with Dr. Tepper and Ms. Fanucci to change the vesting schedule from 50% of the
shares vesting on September 15, 2008 and 50% on September 15, 2009 to 50% of the shares
vesting on September 15, 2006 and 50% on September 15, 2007.
On March 3, 2006, the Company's
Board of Directors adopted the Company's Non-Qualified Deferred Compensation Plan.
The Deferred Compensation Plan allows employees at the level of Vice President and above
to elect to defer payment of base salary and annual bonus amounts until retirement,
separation of service, or preset dates at least 12 months after the payment would normally
have been made. Distribution of amounts deferred under the Plan are made in a lump sum or
up to a preset number of payments.
On March 3, 2006, the Company's Board of
Directors approved the
Company's Key Employee Change in Control Severance Plan. Similar to the provisions of
the offer letter agreement dated June 23, 2005, between the Company and Deborah Dunsire,
its Chief Executive Officer, the Severance Plan provides separation pay and benefits to
the Company's Management Team, and Executive and Senior Vice Presidents of the
Company whose employment is involuntarily terminated without cause or voluntarily
terminated for good reason within one month before or 12 months following the effective
date of a change in control of the Company. Specifically, the Severance Plan provides for
payment to the employee over a period of from 12 to 24 months depending on level, of an
amount equal to the base salary for the period, the target bonus for the period, and the
pro rata portion of the employee's target bonus for the year in which termination
occurs equal to the portion of the year in which the employee is employed by the Company.
In addition the Company will pay for a period of from 12 to 18 months, depending on level,
the portion of premiums for COBRA coverage for the employee and eligible dependents equal
to the amount that the Company paid for group health insurance prior to termination. The
Severance Plan also provides for excise tax gross-up payments subject to limitations. Any
prior agreements relating to severance benefits entered into between the Company and any
employee eligible to receive benefits under the Severance Plan are superseded to the
extent the severance benefits payable under the Severance Plan exceed those provided for
in any such prior agreement.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
MILLENNIUM PHARMACEUTICALS, INC.
(Registrant)
Date: March 8, 2006
By
/s/  MARSHA H. FANUCCI
Marsha H. Fanucci
Senior Vice President and Chief Financial Officer
3