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Merrill maintains Millennium at neutral
Millennium Pharmaceuticals Inc. was maintained at neutral by Merrill Lynch while the company continues its restructuring and refocusing efforts to cut costs and focus more on oncology. Analyst Thomas McGahren said the company estimates the restructuring will cost $75 million to $85 million but will reduce research, development and operation expenses by 30% in 2006. Shares of the Cambridge, Mass.-based pharmaceutical company were up $0.18, or 2.12%, at $8.69 on volume of 7,379,990 shares versus the three-month running average of 4,750,030 shares.
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