Millennium says $40,000 out of $600 million old COR Therapeutics notes tendered

New York, April 29 - Millennium Pharmaceuticals, Inc. said just $40,000 out of the $600 million of old COR Therapeutics convertible notes were tendered in the change-of-control offer after the company added a sweetener in the form of an extra put to encourage investors to hold on to the securities.

The notes tendered will be redeemed for cash at par plus accrued interest. The tender expired at 9.00 a.m. ET on April 29.

The small take-up of the tender offer follows Millennium's addition of a put to the convertibles.

The Cambridge, Mass. biopharmaceutical company was required to make the offer as part of the note indentures but it pointed out in a filing with the Securities and Exchange Commission, Millennium that if a "large" number of noteholders tender their securities its cash will be "substantially diminished."

Covered by the tender were the former COR 4.50% convertible senior notes due June 15, 2006 and 5.00% convertible subordinated notes due March 1, 2007.

With the additional option, holders of the 4.50% convertibles 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% convertibles, holders will be able to put them on April 29, 2003 at a price of $1,085 per $1,000 of principal amount.

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