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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;July 22, 2005</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>
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<p align=left><font face="Times New Roman, Times, Serif" size=2><b>Item&nbsp;&nbsp;&nbsp;&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.
</b></font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On July 22, 2005, the Company entered
into an agreement with Schering Corporation to amend the Collaboration Agreement between
Schering-Plough Ltd, Schering Corporation and the Company dated April 10, 1995, as amended
and to restructure the companies&#146; collaboration for the cardiovascular drug
INTEGRILIN<SUP>&reg;</SUP> (eptifibatide) Injection. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under the restructured relationship,
Schering will obtain exclusive U.S. development and commercialization rights and will pay
to the Company $35.5 million in a non-refundable upfront payment. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company will also receive
royalties on INTEGRILIN U.S. product sales from Schering for so long as Schering is
engaged in the commercialization and sale of an INTEGRILIN product in the United States.
In 2006 and 2007, minimum royalty payments for each year are set at $85 million, subject
to adjustment in certain circumstances. In addition, Schering will pay to the Company
approximately $45 million to $50 million, subject to adjustment at closing, for the
purchase of existing INTEGRILIN inventory and will assume development obligations relating
to the product. The agreement provides that the Company will continue to manage the supply
chain for INTEGRILIN at the expense of Schering for products sold in the Schering
territories. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The transaction is subject to federal
anti trust review under the Hart-Scott-Rodino Act and is expected to become effective
September 1, 2005. </FONT></P>

<p align=left><font face="Times New Roman, Times, Serif" size=2><b>Item&nbsp;&nbsp;&nbsp;&nbsp;7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.
</b></font></p>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On Friday, July 22, 2005 at 4:30 p.m.
EDT, the Company will hold a conference call during which it will provide additional
details about the transaction described in Item 1.01 above and update certain earnings
guidance previously provided by the Company to give effect to the transaction. The
conference call will be webcast live and can be accessed by visiting the Investors section
of the Company&#146;s website, http://www.millennium.com. Following the webcast, an
archived version of the call will be available at the same address until 11:59 p.m. EDT on
August 21, 2005. A copy of the script for the conference call is attached to this Current
Report on Form 8-K as Exhibit 99.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the conference call, the
Company will discuss non-GAAP financial measures. These non-GAAP measures should be
considered in addition to, not as a substitute for, or superior to other measures of the
Company&#146;s financial position prepared in accordance with generally accepted
accounting principles (GAAP). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Specifically, the Company will
discuss its expected non-GAAP net loss and non-GAAP profitability for future fiscal
periods. Other than known amortization expenses of approximately $34.0 million in each of
2005 and 2006 and the remaining costs associated with the Company&#146;s 2003
restructuring effort of between $5.0 million and $20.0 million in 2005, the Company is
unable to provide a quantitative reconciliation of forward-looking non-GAAP financial
measures because the items that would be excluded are difficult to predict and estimate
and are primarily dependent on future events. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company&#146;s management uses
these non-GAAP financial measures to gain a better understanding of the Company&#146;s
core operating results and future prospects, consistent with how management measures and
forecasts the Company&#146;s performance, especially when comparing such results to
previous periods or forecasts or to those of the Company&#146;s competitors. These
measures are also used by the Company&#146;s management in their financial and operating
decision-making and for compensation purposes. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>These non-GAAP measures exclude
certain non-operational and restructuring charges, non-cash charges and specified other
charges that are included in the most directly comparable GAAP measures. The Company
excludes these items because it believes they are outside of the Company&#146;s normal
operations and, in certain cases, are difficult to forecast accurately for future periods.
Specifically, the non-GAAP measures used by the Company exclude: </FONT></P>

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<td align=right valign=top width=5%><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>&#149;</font></td>
<td align=right valign=top width=1%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
<td align=left valign=top width=93%><font face="Times New Roman, Times, Serif" size=2>Costs associated with the Company&#146;s restructuring effort, such as reducing overhead,
resulting from the transaction described in Item 1.01 above. The Company believes that the
costs related to these restructuring activities are not indicative of the Company&#146;s
normal operating costs. </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>
<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>&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>&#149;</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>Costs associated with the Company&#146;s 2003 restructuring effort, such as reducing
overhead and consolidating facilities. The Company believes that the costs related to
these restructuring activities are not indicative of the Company&#146;s normal operating
costs.</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>
<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>&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>&#149;</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>Expense associated with the amortization of acquisition-related intangible assets because
a significant portion of the purchase price for acquisitions may be allocated to
intangible assets that have lives of two to 11 years. Exclusion of the amortization
expense allows comparisons of operating results that are consistent over time for both the
Company&#146;s newly acquired and long-held businesses and with both acquisitive and
non-acquisitive peer companies. </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>
<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>&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>&#149;</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>Costs associated with the Company&#146;s debt financing activities such as amortization on
capitalized professional and banking fees and charges related to the fair value of the put
premiums the Company has placed on its convertible notes because the Company considers
these costs to be nonoperational and nonrecurring and therefore not necessarily indicative
of the Company&#146;s future financial commitments. </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>
<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>&nbsp;</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>&#149;</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>Expense associated with stock based compensation because the Company believes that
available valuation methodologies and assumptions related to employee stock options may
result in estimates of option values that are misleading in the comparison of the
Company&#146;s financial results to previous periods or to those of the Company&#146;s
competitors and do not provide meaningful insight into the Company&#146;s ongoing
operations.</font></td>
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</table>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The information in this Item 7.01
(including Exhibit 99.1) shall not be deemed &#147;filed&#148; for purposes of Section 18
of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) or otherwise subject
to the liabilities of that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set
forth by specific reference in such a filing. </FONT></P>

<p align=center><font face="Times New Roman, Times, Serif" size=2>2</font></p>
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<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>
</tr>
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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>
</tr>
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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>The following exhibit relating to Item 7.01 shall be deemed to be furnished, and not filed:</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>
</tr>

</table>

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<tr valign=bottom>
<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>
</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>Script for Conference Call to be held Friday, July 22, 2005 at 4:30 p.m. EDT
</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>
</table>

<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>
</tr>
<tr valign=bottom>
<td width=30%><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: July 22, 2005&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>
</tr>
<tr valign=top>
<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>
<tr valign=top>
<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>
</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>Senior Vice President and Chief Financial Officer</font></td>
</tr>
</table>




<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><a name="index">EXHIBIT INDEX</a></b></font></p>

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<tr valign=bottom>
<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>
</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>99.1</font></td>
<td width=3%>&nbsp;</td>
<td width=68% align=left><font face="Times New Roman, Times, Serif" size=2>Script for Conference Call to be held Friday, July 22, 2005 at 4:30 p.m. EDT
</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>
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[{"type": "8-K", "sequence": "1", "filename": "fm8k07222005.htm", "description": "FORM 8-K", "secsgml_size_bytes": 24946}]
{"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": "05968846"}, "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):    July 22, 2005
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 July 22, 2005, the Company entered
into an agreement with Schering Corporation to amend the Collaboration Agreement between
Schering-Plough Ltd, Schering Corporation and the Company dated April 10, 1995, as amended
and to restructure the companies' collaboration for the cardiovascular drug
INTEGRILIN
®
(eptifibatide) Injection.
Under the restructured relationship,
Schering will obtain exclusive U.S. development and commercialization rights and will pay
to the Company $35.5 million in a non-refundable upfront payment.
The Company will also receive
royalties on INTEGRILIN U.S. product sales from Schering for so long as Schering is
engaged in the commercialization and sale of an INTEGRILIN product in the United States.
In 2006 and 2007, minimum royalty payments for each year are set at $85 million, subject
to adjustment in certain circumstances. In addition, Schering will pay to the Company
approximately $45 million to $50 million, subject to adjustment at closing, for the
purchase of existing INTEGRILIN inventory and will assume development obligations relating
to the product. The agreement provides that the Company will continue to manage the supply
chain for INTEGRILIN at the expense of Schering for products sold in the Schering
territories.
The transaction is subject to federal
anti trust review under the Hart-Scott-Rodino Act and is expected to become effective
September 1, 2005.
Item    7.01    Regulation FD Disclosure.
On Friday, July 22, 2005 at 4:30 p.m.
EDT, the Company will hold a conference call during which it will provide additional
details about the transaction described in Item 1.01 above and update certain earnings
guidance previously provided by the Company to give effect to the transaction. The
conference call will be webcast live and can be accessed by visiting the Investors section
of the Company's website, http://www.millennium.com. Following the webcast, an
archived version of the call will be available at the same address until 11:59 p.m. EDT on
August 21, 2005. A copy of the script for the conference call is attached to this Current
Report on Form 8-K as Exhibit 99.1.
During the conference call, the
Company will discuss non-GAAP financial measures. These non-GAAP measures should be
considered in addition to, not as a substitute for, or superior to other measures of the
Company's financial position prepared in accordance with generally accepted
accounting principles (GAAP).
Specifically, the Company will
discuss its expected non-GAAP net loss and non-GAAP profitability for future fiscal
periods. Other than known amortization expenses of approximately $34.0 million in each of
2005 and 2006 and the remaining costs associated with the Company's 2003
restructuring effort of between $5.0 million and $20.0 million in 2005, the Company is
unable to provide a quantitative reconciliation of forward-looking non-GAAP financial
measures because the items that would be excluded are difficult to predict and estimate
and are primarily dependent on future events.
The Company's management uses
these non-GAAP financial measures to gain a better understanding of the Company's
core operating results and future prospects, consistent with how management measures and
forecasts the Company's performance, especially when comparing such results to
previous periods or forecasts or to those of the Company's competitors. These
measures are also used by the Company's management in their financial and operating
decision-making and for compensation purposes.
These non-GAAP measures exclude
certain non-operational and restructuring charges, non-cash charges and specified other
charges that are included in the most directly comparable GAAP measures. The Company
excludes these items because it believes they are outside of the Company's normal
operations and, in certain cases, are difficult to forecast accurately for future periods.
Specifically, the non-GAAP measures used by the Company exclude:
•
Costs associated with the Company's restructuring effort, such as reducing overhead,
resulting from the transaction described in Item 1.01 above. The Company believes that the
costs related to these restructuring activities are not indicative of the Company's
normal operating costs.
•
Costs associated with the Company's 2003 restructuring effort, such as reducing
overhead and consolidating facilities. The Company believes that the costs related to
these restructuring activities are not indicative of the Company's normal operating
costs.
•
Expense associated with the amortization of acquisition-related intangible assets because
a significant portion of the purchase price for acquisitions may be allocated to
intangible assets that have lives of two to 11 years. Exclusion of the amortization
expense allows comparisons of operating results that are consistent over time for both the
Company's newly acquired and long-held businesses and with both acquisitive and
non-acquisitive peer companies.
•
Costs associated with the Company's debt financing activities such as amortization on
capitalized professional and banking fees and charges related to the fair value of the put
premiums the Company has placed on its convertible notes because the Company considers
these costs to be nonoperational and nonrecurring and therefore not necessarily indicative
of the Company's future financial commitments.
•
Expense associated with stock based compensation because the Company believes that
available valuation methodologies and assumptions related to employee stock options may
result in estimates of option values that are misleading in the comparison of the
Company's financial results to previous periods or to those of the Company's
competitors and do not provide meaningful insight into the Company's ongoing
operations.
The information in this Item 7.01
(including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18
of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject
to the liabilities of that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set
forth by specific reference in such a filing.
2
Item    9.01    Financial
Statements and Exhibits.
(c)
Exhibits
The following exhibit relating to Item 7.01 shall be deemed to be furnished, and not filed:
Exhibit No.
Description
99.1
Script for Conference Call to be held Friday, July 22, 2005 at 4:30 p.m. EDT
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: July 22, 2005
By
/s/  MARSHA H. FANUCCI
Marsha H. Fanucci
Senior Vice President and Chief Financial Officer
4
EXHIBIT INDEX
Exhibit No.
Description
99.1
Script for Conference Call to be held Friday, July 22, 2005 at 4:30 p.m. EDT
5