Date: Jan 22, 1997 Source: New York Times (
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Millennium Pharmaceuticals Inc. said yesterday that it had agreed to buy the closely held Chemgenics Pharmaceuticals Inc. for about $88.8 million in stock. Millennium, based in Cambridge, Mass., offered Chemgenics shareholders 4.8 million Millennium shares, worth $88.8 million at Monday's closing price of $18.50. The deal will bring Millennium up-to-date screening technology for use in drug development. Shares of Millennium rose $1.25 yesterday, to $19.75.
