Millennium adds put option to old COR Therapeutics convertibles

New York, April 22 - Millennium Pharmaceuticals, Inc. said it will amend the convertibles it assumed in its merger with COR Therapeutics, Inc. to add an extra put option.

The change gives holders an extra year to redeem their notes at a premium above face value, the Cambridge, Mass. biopharmaceutical company said.

Holders of the former COR Therapeutics' 4.50% convertible senior notes due June 15, 2006 will be able to put the notes on April 29, 2003 at a price of $1,095 per $1,000 of principal amount.

For the 5.00% convertible subordinated notes due March 1, 2007, holders will be able to put them on April 29, 2003 at a price of $1,085 per $1,000 of principal amount.

Millennium assumed the $600 million in notes as part of its merger with COR Therapeutics on Feb. 12, 2002.

As required by the indenture, on March 14 Millennium began a change-of-control offer to buy the notes at par plus accrued interest. The offer runs through 9.00 a.m. ET on April 29.

At the time it launched the change-of-control tender, Millennium said it was considering options to discourage holders from participating in the offer.

In an earlier filing with the Securities and Exchange Commission, Millennium said it will use its cash and marketable securities to fund the change of control offer although it has also noted that if a "large" number of noteholders tender their securities its cash will be "substantially diminished."

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