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<title>Form 8-K
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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;May 10, 2007</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=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>
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<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>
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<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>&#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 width=9%><font face="Times New Roman, Times, Serif" size=2><b>Item&nbsp;&nbsp;&nbsp;5.02</b></font></td>
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<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.</b></font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;
          At the Annual Meeting of Stockholders held on May 10, 2007, the stockholders of
          Millennium Pharmaceuticals, Inc. (the &#147;Company&#148;) approved the
          Millennium Pharmaceuticals, Inc. 2007 Incentive Plan (the &#147;Plan&#148;). The
          Plan authorizes the Company to grant stock options, stock appreciation rights,
          restricted stock, restricted stock units, performance shares, and other stock-based awards or cash awards to the Company&#146;s employees, officers,
          directors, consultants and advisors. Under the Plan, 25,000,000 shares of the
          Company&#146;s common stock are available for equity grants, subject to
          adjustment under the terms of the Plan. With respect to future grants of awards,
          the Plan replaces the Company&#146;s 1996 Equity Incentive Plan, 1997 Equity
          Incentive Plan, 2000 Stock Incentive Plan and COR Therapeutics, Inc. 1991 Equity
          Incentive Plan, which the Company assumed as successor to COR Therapeutics,
          Inc. under which, as of May 10, 2007, the Company may not grant any additional
          awards. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The description of the Plan is
qualified in its entirety by reference to the full text of the Plan, which is filed as
Exhibit&nbsp;99.1 to this Current Report on Form 8-K and incorporated herein by reference. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Copies of the form of terms of stock
option and the form of restricted stock agreement to be used for grants under the Plan are
incorporated herein by reference to Exhibit No. 99.2 and Exhibit No. 99.3 filed with this
Current Report on Form 8-K. </FONT></P>


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<td width=9%><font face="Times New Roman, Times, Serif" size=2><b>Item&nbsp;&nbsp;&nbsp;5.03</b></font></td>
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<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2><b>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</b></font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the Annual Meeting of Stockholders
held on May 10, 2007, the Company&#146;s stockholders approved amendments to the
Company&#146;s Restated Certificate of Incorporation, as amended, to declassify the
Company&#146;s Board of Directors so that all directors are elected annually and to
eliminate supermajority voting provisions, including a provision relating to removal of
directors. These amendments are described in the Company&#146;s definitive proxy statement
for the Annual Meeting of Stockholders to be held on May 10, 2007, filed with the
Securities and Exchange Commission. The Company&#146;s Restated Certificate of
Incorporation, as amended, is filed as Exhibit 3.1 to this Current Report on Form 8-K and
incorporated herein by reference. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company&#146;s Board of Directors
approved corresponding amendments to the Company&#146;s By-laws to declassify the Board
and eliminate the supermajority voting provisions. The Company&#146;s Second Amended and
Restated By-laws are filed as Exhibit 3.2 to this Current Report on Form 8-K and
incorporated herein by reference. </FONT></P>

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<td width=9%><font face="Times New Roman, Times, Serif" size=2><b>Item&nbsp;&nbsp;&nbsp;8.01</b></font></td>
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<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2><b>Other Events.</b></font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company&#146;s Board of Directors
has approved changes to the Company&#146;s compensation arrangements for non-employee
directors. These changes were recommended to the Board by the Board Governance Committee and the Compensation and Talent Committee
and reflect the Committees&#146; discussions with the Board&#146;s compensation
consultant. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective May 10, 2007, the
changes to the compensation of non-employee directors are as follows: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual
Retainer</U>. Non-employee directors will receive a basic annual retainer of $50,000, an
increase of $10,000 over the current $40,000 basic annual retainer. The additional annual
retainer for service as chairman, vice chairman, audit committee chairman and other
committee chairman did not change. </FONT></P>


<p align=center><font face="Times New Roman, Times, Serif" size=2>2</font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
Meeting Fees</U>. Non-employee directors will receive a fee of $2,500 for attendance in
person at a Board meeting, an increase of $500 over the current $2,000 fee, and will
receive $1,500 for attendance by telephone, an increase of $500 over the current $1,000
fee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committee
Meeting Fees</U>. Non-employee directors will receive a fee of $1,500 for attendance in
person at a Board committee meeting, an increase of $500 over the current $1,000 fee, and
will receive $1,000 for attendance by telephone, an increase of $250 over the current $750
fee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Option Grants</U>. Initial and annual stock option grants will no longer be made in three
installments. The initial grant of 35,000 shares will be made on the date the director is
first elected and the annual grants will be made each year on the last business day of the month in which the
annual meeting of stockholders occurs. The basic annual
grant will be for 20,000 shares, an increase of 5,000 shares from the current aggregate
annual grant of 15,000 shares. The initial grant will vest 25% annually over four years, a
change from the current monthly vesting over four years. The annual grants will vest 100%
on the one year anniversary of the grant date, a change from the current monthly vesting
over one year. The additional annual stock option grants for service as chairman, vice
chairman, audit committee chairman and other committee chairman will also now vest 100% on the
one year anniversary of the grant date but otherwise did not change. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Stock Unit Awards</U>.
Non-employee directors will receive a
restricted stock unit award for 5,000 shares each year on the last business day of the month in which the
annual meeting of stockholders occurs. This is a new
addition to director compensation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The total compensation that the
Company pays to non-employee directors for their service as directors, effective as of
May 10, 2007, is described on Exhibit 99.4 to this Current Report on Form 8-K and
incorporated herein by reference. </FONT></P>


<p align=left><font face="Times New Roman, Times, Serif" size=2><b>Item&nbsp;&nbsp;&nbsp;&nbsp;9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</b></font></p>

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<td align=left width=20%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=left width=10%><font face="Times New Roman, Times, Serif" size=2>(c)</font></td>
<td align=left width=70%><font face="Times New Roman, Times, Serif" size=2>Exhibits</font></td>
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<td align=left width=20%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=10%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=left width=70%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
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<td width=20%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=10%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=70%><font face="Times New Roman, Times, Serif" size=2>See Exhibit Index attached to this Current Report on Form 8-K.</font></td>
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<td align=left width=20%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=10%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=left width=70%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</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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<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: May 10, 2007&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;LAURIE B. KEATING</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>
</tr>
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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>Laurie B. Keating</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 General Counsel</font></td>
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<p align=center><font face="Times New Roman, Times, Serif" size=2>4</font></p>
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<p><font face="Times New Roman, Times, Serif" size=2><b>EXHIBIT INDEX</b></font></p>

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<th width=9% align=center colspan=2><font face="Times New Roman, Times, Serif" size=2>Exhibit No.<br></font><hr noshade></th>
<th width=3%>&nbsp;</th>
<th width=68% align=center><font face="Times New Roman, Times, Serif" size=2>Description<br></font><hr noshade></th>
<th width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></th>
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<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>3.1</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>Restated Certificate
of Incorporation, as amended</font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
</tr>
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<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
</tr>
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<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>3.2</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>Second Amended and
Restated By-laws</font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
</tr>
<tr valign=top>
<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
</tr>
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<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>99.1</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>2007 Incentive Plan</font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
</tr>
<tr valign=top>
<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
</tr><tr valign=top>
<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>99.2</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>Form of Terms of
Stock Option Granted Under 2007 Incentive Plan</font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
</tr>
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<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
</tr><tr valign=top>
<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>99.3</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>Form of Restricted
Stock Agreement Under 2007 Incentive Plan</font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
</tr>
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<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=20% align=left><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
</tr>
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<td width=3%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td width=6%><font face="Times New Roman, Times, Serif" size=2>99.4</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>Description of
Non-Employee Director Compensation</font></td>
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[{"type": "8-K", "sequence": "1", "filename": "fm8k05102007.htm", "description": "FORM 8-K", "secsgml_size_bytes": 24407}]
{"company-data": {"conformed-name": "MILLENNIUM PHARMACEUTICALS INC", "cik": "0001002637", "assigned-sic": "2834", "irs-number": "043177038", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28494", "film-number": "07838660"}, "business-address": {"street1": "40 LANDSDOWNE STREET", "city": "CAMBRIDGE", "state": "MA", "zip": "02139", "phone": "6176797000"}, "mail-address": {"street1": "40 LANDSDOWNE STREET", "city": "CAMBRIDGE", "state": "MA", "zip": "02139"}}
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):    May 10, 2007
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   5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
(e)    
          At the Annual Meeting of Stockholders held on May 10, 2007, the stockholders of
          Millennium Pharmaceuticals, Inc. (the "Company") approved the
          Millennium Pharmaceuticals, Inc. 2007 Incentive Plan (the "Plan"). The
          Plan authorizes the Company to grant stock options, stock appreciation rights,
          restricted stock, restricted stock units, performance shares, and other stock-based awards or cash awards to the Company's employees, officers,
          directors, consultants and advisors. Under the Plan, 25,000,000 shares of the
          Company's common stock are available for equity grants, subject to
          adjustment under the terms of the Plan. With respect to future grants of awards,
          the Plan replaces the Company's 1996 Equity Incentive Plan, 1997 Equity
          Incentive Plan, 2000 Stock Incentive Plan and COR Therapeutics, Inc. 1991 Equity
          Incentive Plan, which the Company assumed as successor to COR Therapeutics,
          Inc. under which, as of May 10, 2007, the Company may not grant any additional
          awards.
The description of the Plan is
qualified in its entirety by reference to the full text of the Plan, which is filed as
Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Copies of the form of terms of stock
option and the form of restricted stock agreement to be used for grants under the Plan are
incorporated herein by reference to Exhibit No. 99.2 and Exhibit No. 99.3 filed with this
Current Report on Form 8-K.
Item   5.03
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
At the Annual Meeting of Stockholders
held on May 10, 2007, the Company's stockholders approved amendments to the
Company's Restated Certificate of Incorporation, as amended, to declassify the
Company's Board of Directors so that all directors are elected annually and to
eliminate supermajority voting provisions, including a provision relating to removal of
directors. These amendments are described in the Company's definitive proxy statement
for the Annual Meeting of Stockholders to be held on May 10, 2007, filed with the
Securities and Exchange Commission. The Company's Restated Certificate of
Incorporation, as amended, is filed as Exhibit 3.1 to this Current Report on Form 8-K and
incorporated herein by reference.
The Company's Board of Directors
approved corresponding amendments to the Company's By-laws to declassify the Board
and eliminate the supermajority voting provisions. The Company's Second Amended and
Restated By-laws are filed as Exhibit 3.2 to this Current Report on Form 8-K and
incorporated herein by reference.
Item   8.01
Other Events.
The Company's Board of Directors
has approved changes to the Company's compensation arrangements for non-employee
directors. These changes were recommended to the Board by the Board Governance Committee and the Compensation and Talent Committee
and reflect the Committees' discussions with the Board's compensation
consultant.
Effective May 10, 2007, the
changes to the compensation of non-employee directors are as follows:
Annual
Retainer
. Non-employee directors will receive a basic annual retainer of $50,000, an
increase of $10,000 over the current $40,000 basic annual retainer. The additional annual
retainer for service as chairman, vice chairman, audit committee chairman and other
committee chairman did not change.
2
Board
Meeting Fees
. Non-employee directors will receive a fee of $2,500 for attendance in
person at a Board meeting, an increase of $500 over the current $2,000 fee, and will
receive $1,500 for attendance by telephone, an increase of $500 over the current $1,000
fee.
Committee
Meeting Fees
. Non-employee directors will receive a fee of $1,500 for attendance in
person at a Board committee meeting, an increase of $500 over the current $1,000 fee, and
will receive $1,000 for attendance by telephone, an increase of $250 over the current $750
fee.
Stock
Option Grants
. Initial and annual stock option grants will no longer be made in three
installments. The initial grant of 35,000 shares will be made on the date the director is
first elected and the annual grants will be made each year on the last business day of the month in which the
annual meeting of stockholders occurs. The basic annual
grant will be for 20,000 shares, an increase of 5,000 shares from the current aggregate
annual grant of 15,000 shares. The initial grant will vest 25% annually over four years, a
change from the current monthly vesting over four years. The annual grants will vest 100%
on the one year anniversary of the grant date, a change from the current monthly vesting
over one year. The additional annual stock option grants for service as chairman, vice
chairman, audit committee chairman and other committee chairman will also now vest 100% on the
one year anniversary of the grant date but otherwise did not change.
Restricted Stock Unit Awards
.
Non-employee directors will receive a
restricted stock unit award for 5,000 shares each year on the last business day of the month in which the
annual meeting of stockholders occurs. This is a new
addition to director compensation.
The total compensation that the
Company pays to non-employee directors for their service as directors, effective as of
May 10, 2007, is described on Exhibit 99.4 to this Current Report on Form 8-K and
incorporated herein by reference.
Item    9.01    Financial
Statements and Exhibits.
(c)
Exhibits
See Exhibit Index attached to this Current Report on Form 8-K.
3
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: May 10, 2007
By
/s/  LAURIE B. KEATING
Laurie B. Keating
Senior Vice President and General Counsel
4
EXHIBIT INDEX
Exhibit No.
Description
3.1
Restated Certificate
of Incorporation, as amended
3.2
Second Amended and
Restated By-laws
99.1
2007 Incentive Plan
99.2
Form of Terms of
Stock Option Granted Under 2007 Incentive Plan
99.3
Form of Restricted
Stock Agreement Under 2007 Incentive Plan
99.4
Description of
Non-Employee Director Compensation