mark j. levin - corporate-ir.net€¦ · this presentation contains “forward-looking...

© 2002 Millennium Pharmaceuticals, Inc.

Mark J. LevinChairperson and Chief Executive Officer

JPMorgan H&Q 20th AnnualHealthcare ConferenceSan Francisco, CAJanuary 9, 2002

This presentation contains “forward-looking statements,” includingstatements about our growth and future operating results, discovery anddevelopment of products, potential acquisitions, strategic alliances andintellectual property. Various risks may cause Millennium’s actual resultsto differ materially, including: adverse results in our drug discovery andclinical development processes; failure to obtain patent protection for ourdiscoveries; commercial limitations imposed by patents owned orcontrolled by third parties; our dependence upon strategic alliance partnersto develop and commercialize products and services based on our work;difficulties or delays in obtaining regulatory approvals to market productsand services resulting from our development efforts; and the requirementfor substantial funding to conduct research and development and to expandcommercialization activities. For a further list and description of the risksand uncertainties we face, see the reports we have filed with the Securitiesand Exchange Commission. We disclaim any intention or obligation toupdate or revise any forward-looking statements, whether as a resultof new information, future events or otherwise.

IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SECMillennium has filed with the SEC a Registration Statement on Form S-4 in connection with thetransaction and Millennium and COR plan to file with the SEC and mail to their respectivestockholders a Joint Proxy Statement/Prospectus in connection with the transaction. TheRegistration Statement and the Joint Proxy Statement/Prospectus will contain important informationabout Millennium, COR, the transaction and related matters. Investors and security holders areurged to read the Registration Statement and the Joint Proxy Statement/Prospectus carefully whenthey are available.Investors and security holders will be able to obtain free copies of the Registration Statement andthe Joint Proxy Statement/ Prospectus and other documents filed with the SEC by Millennium andCOR through the web site maintained by the SEC at www.sec.gov.In addition, investors and security holders will be able to obtain free copies of the RegistrationStatement and the Joint Proxy Statement/Prospectus from Millennium by contacting the InvestorRelations group at each company.Millennium and COR, and their respective directors and executive officers, may be soliciting proxiesfrom Millennium's or COR's stockholders in connection with the planned merger. A list of the namesof Millennium's directors and executive officers and descriptions of their interests in Millennium iscontained in Millennium's proxy statement dated March 26, 2001, and its Annual Report on Form 10-Kfor the year ended December 31, 2000, and its Current Report on Form 8-K dated December 6, 2001,which documents are filed with the SEC. A list of the names of COR's directors and executive officersand descriptions of their interests in COR is contained in COR's proxy statement dated April 26, 2001,its Annual Report on Form 10-K for the year ended December 31, 2000 and its Current Report on Form8-K dated December 7, 2001, which documents are filed with the SEC. A more complete descriptionwill be available in the Registration Statement and the Joint Proxy Statement/Prospectus.

© 2002 Millennium Pharmaceuticals, Inc. ML H&Q 011002

Millennium / COR Therapeutics Merger

❚ Leadership in 4 key franchise areas❚ Commercial capabilities to support oncology franchise❚ INTEGRILIN® – #1 injectable antiplatelet drug❚ Discovery synergies to build sustainable pipeline

Creating the Leading Biopharmaceutical Company:


Agenda

❚ Vision – Mission – Strategy❙ Creating the Leading Biopharmaceutical Company

❚ Franchise and Pipeline Highlights

❚ 2001 Accomplishments

❚ 2002 Goals

❚ Delivering on Our Promise

Vision – Mission – Strategy:Creating the LeadingBiopharmaceutical Company


Millennium Pharmaceuticals, Inc.

VisionTranscending the Limits of MedicineSM

MissionCreate the Leading Biopharmaceutical Company

Strategy❚ Breakthrough Products:

Sustainable Pipeline – Franchise Businesses

❚ Personalized Medicine and Productivity

❚ Value Creation


Breakthrough Products: SustainablePipeline – Franchise Businesses

❚ Four major franchises

❚ Two therapeutic products on market❙ INTEGRILIN®

❙ Campath®

❚ 10 molecules in clinical trials

❚ Discovery engine to deliver a sustainable pipeline

Sustainable Pipeline

2002 3-4

2005➔ 5+

NMEs toClinic / Year

NMEs toMarket / Year

GenomeTranscriptomeProteomeMolecular PathwaysBiologic Systems

75+

HTS /Year

2003 / 4 1

2005 ➔ 1-2



Personalized Medicine ➔ Productivity

GenomicTechnologiesThe Right Gene

Oncology Inflammation Metabolic

Cell CycleProteosomeApoptosis

ChemokinesCardsApoptosis

CNS MetabolismLeptin PathwayGut Biochemistry

Franchise Areas

Tissues / Transcriptional Profiling /Proteomics / Informatics

Tissue / Patients /Imaging / Outcome Data

Cardiovascular

ThrombosisAngiogenesisMyocyte

IntegrinsIon ChannelsGPCRs

MolecularPathwaysThe Right Target

Classes ofMoleculesThe Right Drug

DiseaseMarkersThe Right Patients

KinasesProteasesAntibodies

KinasesGPCRsAntibodies

GPCRsTransportersProteases

Bottlenecks

Process Development / Manufacturing

Gene/TargetIdentification

TargetValidation

LeadIdentification

Lead OPPreclinical Clinical Trials

Commercialand PatientManagement

Process

Integrated G2P Platform

Chips Proteomics Imaging Structure PredictiveADMET

CDU SNPFluidics

Biology Markers Computational Biology

Chemistry Chemical GeneticsComputational

Chemistry

Patho-pharmacology

Pharmaco-genomics

PatientManagement

Platform KnowledgeManagement


Product Development Pipeline

Phase II Marketed /Phase IVPhase IIIPhase I

ClinicalCandidates

2002

MLN4760

INTEGRILIN® – STEMI

INTEGRILIN® – ACS/PCI

INTEGRILIN® – CABG

MLN341 – SolidMLN591RLMLN576

MLN341 – MMMLN341 – CLL

CT53518MLN591DM1MLN944CT53608

MLN02 – Crohn’s

MLN02 – UC

MLN977 (Oral)

CCR2CCR1CCR5MLN273

Cardiovascular

Oncology

Inflammation

Metabolic

XaCAB2

MLN519MLN01

STG-A-MD

Campath® — CLL


Commercial Capabilities

Today The Future❙ Cardiovascular❙ Oncology

BreakthroughProducts

❙ US cardiologyand hospitalpresence

❙ Global presence in70% worldwide marketGeographic

Presence

❙ Commercialinfrastructure❙ Medical affairs❙ Business analysis

❙ Customer management❙ Web / internet commerce❙ Knowledge management

StrategicMarketing

❙ Integrated knowledge❙ Critical mass /

market leadership❙ Personalized medicine

products

❙ Inflammation❙ Metabolic

❙ >$100 B markets❙ Access new products

❙ Expand US presence❙ Initiate European effort❙ Partner Japan



Leading Biopharmaceutical Company$100 Billion, 20% CAGR

Business OrganizationPersonalized

Medicine /Productivity

Pipeline

2 Rx products10 Clinicals3-4 New NMEs inclinic ’025+ New NMEs / yearclinic ’05 �1-2 Products /year ’05

Discovery leadership

Discovery � Clinic❙ Structure❙ ADMET❙ CDU❙ PGx

KnowledgeManagement

1200 R&D$500 M+ R&D ’02Business LeadershipCommercial Leadersin ACS / PCIPeople Focus

4 FranchisesAventis, Abbott,Schering, Bayer4 M&A (’97-’01)3 Inlicensing (’01)Strong balancesheet

Value Creation

Franchise andPipeline Highlights

Franchise Leadership – Building Businesses

Worldwide Market

Indication

Commercialization

R&D Investment

Cardiovascular Oncology Inflammation Metabolic

$40 B >$20 B $25 B $10 B

ACS, CABG,CHF 1°/2°prevention

Hematologicand solidtumors

RA, Asthma,COPD, IBD,MS, HIV

Obesity,Type IIdiabetes

MillenniumUS & Europe

MillenniumUS & Europe

MillenniumAventis

MillenniumAbbott

160 FTEs,$60 M

560 FTEs,$200 M

530* FTEs,$130 M

300* FTEs,$60 M

*FTEs include partner efforts© 2002 Millennium Pharmaceuticals, Inc. ML H&Q 011002

Cardiovascular Franchise

PlaqueRupture

ThrombusVessel Wall


Products

Franchise: Cardiovascular

❚ INTEGRILIN® – Unstable angina / NSTEMI / PCI

Clinical ❚ INTEGRILIN® – STEMI, CABG❚ MLN01 – Reperfusion injury❚ MLN519 – Reperfusion injury

Expertise ❚ Thrombosis and atherosclerosis❚ Cardiac myocyte biology❚ Growth factor receptors and endothelial

cell biology

2002 Clinical Candidates ❚ Factor Xa Inhibitor

Market Opportunity ❚ Largest therapeutic category – $40 B market

❚ CAB2


INTEGRILIN®

Breakthrough Drug for AcuteCoronary Syndromes and PCI❙ Glycoprotein IIb / IIIa inhibitor❙ Small molecule

#1 Intravenous Antiplatelet Agent❙ $230 M in 2001 sales

❙ 34% growth vs. 2000❙ Market leader with >50% patient market share❙ >30% annual growth with >$500 M peak sales❙ Partnership with Schering Plough


INTEGRILIN: Driving 30% Growth

Seizing market share❚ Aggressive conversion effort with top 100 hospitals

Growing the market❚ CRUSADE in 60,000 unstable angina patients

Adding new indications❚ ADVANCE MI in 6,000 patients presenting with heart attack


Factor Xa Inhibitor Program

Opportunity❚ Oral anticoagulant therapy❚ Replacement for Coumadin❚ Novel treatment for DVT; atrial

fibrillation (3-4 M patients / year)

Key Features❚ Long half-life, high oral availability❚ Predictable PK / PD, minimal food

effect (no need for monitoring)❚ Favorable safety

Status Preclinical❚ Proof-of-concept

in animal models❚ Broad series of

potent and selectiveinhibitors

❚ 2002 clinicalcandidate selected:CT54004

Cardiovascular Franchise: Additional Programs

Program Status Lead IndicationsMechanisms

MLN01 Phase I Reperfusion injuryAnti-CD18

PDGF receptor Lead OptimizationVascularproliferativedisease

CAB2 PreclinicalCABGcomplications

Complementinhibitor

Platelet ADPreceptor

Lead OptimizationPrimary andsecondary MIprevention, stroke

Plateletaggregationinhibitor

MLN519 Phase I Reperfusion injuryProteasome

RTK inhibitor



Cardiovascular Franchise:Personalized Medicine Initiatives

Major marker study with Eric Topol, M.D.,Cleveland Clinic❚ 500 CVD patients / 500 patients❚ 300 SNPs genotyped❚ 27 SNPs / Haplotypes with association

Pharmacogenomics in ADVANCE MI

Oncology Franchise

Normal Cell Cancer Cell Angiogenesis

CancerSpread

Lymphatic

BloodVessel

GrowthFactors

GrowthSignalingEnzymes

Metastatic

New Blood Vessel Growth

EnvironmentalDamage

GrowthFactor

Receptors


Products

Franchise: Oncology

❚ Campath® – Refractory CLL❚Melastatin® – Malignant melanoma

diagnostic

Clinical ❚MLN341 – Multiple cancers❚MLN591RL – Prostate cancer❚MLN576 – Solid tumors

Expertise ❚ Proteasome❚ Kinases

2002 Clinical Candidates ❚MLN591DM1❚MLN944

❚ Antibodies❚ Pharmacogenomics

❚ CT53518❚ CT53608

Market Opportunity ❚ The leading area of unmet medical need

❚ Bayerprograms

MLN341: Proteasome Inhibition

Major point of intervention in oncology

❚ New mechanism

❚ Novel pathway

❚ Broad applications

❚ Broad IP estate



MLN341 in Refractory Multiple Myeloma:Preliminary Phase II DataStudy Population❚ Heavily pretreated and

refractory❚ Progressing at study entry❚ Median survival 6-12 months❚ Uniformly fatal

Efficacy❚ 85% stable or improved❚ 52% response rate — 2 cycles❚ 11% showed >90% reduction

in M protein level

Safety❚ MLN341 well tolerated❚ Side effects are

manageable (nausea,diarrhea, fatigueand thrombocytopenia)

❚ Grade 3 peripheralneuropathy occurredin 3 patients (3%)

❚ <10% patientsdiscontinued due toany adverse events

MLN341: Complete Responsein Multiple Myeloma

Prior Therapies (14):❚MP, VAD, Mel/PBSC x 3, dexamethasone❚Gemcitabine, DCEP, dendritic vaccine❚ Thalidomide, DCEAP, Doxil/Navelbine

10/1/00 12/1/00 2/1/01 4/1/01 6/1/01 8/1/01 10/1/010.0

0.5

1.0

1.5

2.0

2.5

M protein

MLN341

CR

g/dL



MLN341: Clinical Program

Ongoing Phase I studies:❚ Gemcitabine (pancreas and lung) — 50 patients,

accrual ongoing❚ Irinotecan (gastrointestinal) — 56 patients, accrual ongoing

New Phase I studies❚ Taxotere® (lung, prostate, breast) — 214 patients,

accrual started❚ Doxil® (advanced malignancies)

Planned clinical studies❚ Phase III multiple myeloma — 1H ’02❚ Multiple solid tumor pivotal trials — ’02 – ’03


Anti-PSMA Antibody (MLN591)Prostate Specific Membrane Antigen

Opportunity❚ No effective therapies

for hormone refractorydisease

Key Features❚ PSMA expressed in

most prostate tumors❚ Expression increases

with tumor progression

Status Phase I❚ RL clinical trials in advanced

prostate and non-prostate cancers❚ Initiate Phase I DM1 and

Phase II RL studies — ’02Results to date❚ Radiolabeled anti-PSMA

❚ >60 patients treated to date❚ Antibody is well-tolerated❚ PSA levels and tumor

mass reduction

MLN591RL in Refractory Prostate Cancer

Patient had >50% decrease in PSA level

MLN591RL Dose


Oncology Franchise: Additional Programs

Program Status Lead IndicationsMechanisms

MLN576 Phase I Solid tumorsDual Topo I / IIinhibitor

MLN591DM1 Preclinical Prostate cancerAnti-PSMA

CT53518 IND filed AMLRTK inhibitor

MLN944 Preclinical Solid tumorsDual Topo I / IIinhibitor

CT53608 RTK inhibitor Late Lead Glioblastoma

Pharmacogenomics: ❚ MLN341 ❚ MLN591 ❚ CT53518© 2002 Millennium Pharmaceuticals, Inc. ML H&Q 011002

Inflammation Franchise

Leukocyte Activation/

Differentiation Migration

Tissue Damage/Repair


Franchise: Inflammation

Clinical ❚ MLN02 – Crohn’s, UC❚ MLN977 (Oral) – Asthma

Expertise ❚ Leukocyte activation/differentiation:kinases, co-stimulation❚ Leukocyte migration: chemokines, integrins❚ Tissue damage and repair: leukotrienes, TNF, fibrosis

Partnerships ❚ 50-50 with Aventis

❚ CCR2❚ CCR1 (Aventis)

2002 Clinical Candidates

Market Opportunity ❚ Major markets in asthma, fibrosis (e.g. cirrhosis),RA, IBD and MS

❚ CCR5❚ MLN273

❚ MLN977 (Inhalation)❚ CT54141

Preclinical

Metabolic Franchise


Franchise: Metabolic

Clinical ❚ MLN4760 – Obesity, first genomically-derivedtarget in clinic

Expertise ❚ Key pathways in metabolic / diabetes research❚ Hunger / Satiety❚ Thermogenesis

Partnerships ❚ Worldwide 50-50 with Abbott

❚ STG-A-MD – obesity2002 Clinical Candidates

❚ Insulin Resistance / Secretion❚ Absorption

❚ MC4 agonist❚ MC4 antagonist

Preclinical ❚ FATP4

Market Opportunity ❚ Obesity – largest future market


MLN4760 — Obesity

Opportunity❚ First genomics program

to clinic from Millennium-Abbott alliance

❚ Potential new therapeuticapproach

Key Features❚ Inhibits novel

carboxypeptidase❚ Non-appetite suppressant

mechanism

Status Phase I❚ Clinical trial for

PK / PD and safety❚ 56 subjects, accrual

ongoing

Results to date❚ Preclinical data support

favorable change inmetabolic profile

2001 Accomplishments


Products❚ INTEGRILIN®

❙ >50% patient share❙ 34% growth vs. 2000

❚ Campath® on market❙ US, Europe

Pipeline❚ >80 High Throughput Screens❚ >12 late lead preclinical

candidates


Clinic 10 molecules in clinic(and 1 IND filed)❚ MLN341 – Phase II trials,

Phase I trials❚ MLN977 (Oral) – Phase II❚ MLN02 – Phase II❚ MLN591RL – Phase I❚ MLN576 – Phase I

1-2 molecules from genomics❚ MLN4760 – Phase I


Productivity

❚ Leading discovery effort

❚ Alliances: Affymetrics,SGX, Caliper, Pharsight,Abbott

❚ Knowledge management,CDU initiative underway


Value Creation❚ COR Merger❚ Metabolic Disease:

50-50 worldwide Abbott❚ In/Out-licensing – PSMA,

TOPO I / II, GC-C,CAB2, MLN01, Campath®

❚ 200+ issued patents,2000+ patent applications

❚ On track to hit guidance

2002 Goals


2002 Goals: Creating a MajorBiopharmaceutical Company

Breakthrough Products / Sustainable Pipeline❚ INTEGRILIN® WW sales $300 M❚ MLN341 to start Phase III myeloma trial —

1H ’02❚ 3-4 new NMEs in clinic❚ >75 HTS❚ >$500 M R&D investment❚ Continue to build our 4 major franchise

businesses


2002 Goals: Creating a MajorBiopharmaceutical Company

Personalized Medicine / Productivity❚ Pharmacogenomics in 6 clinical programs

Value Creation❚ Financial guidance

❚ Revenue >$400 M❚ R&D expense >$500 M

❚ Target breakeven 2004❚ Continued M&A and transforming alliances

❚ $175-200 M NOL❚ >$1.7 B in cash with

~$250 M debt


Millennium: Creating the LeadingBiopharmaceutical Company

Delivering on our promise of molecularmedicine to create the next era of therapeuticbreakthroughs that make a difference inpeople’s lives

Sustainable product pipeline❚ Critical mass ➔ capabilities❚ Strong financial position❚ Business leader in transforming relationships❚ Transforming commercial marketplace❚ Personalized medicine and productivity

Creating the LeadingBiopharmaceutical Company

mark j. levin - corporate-ir.net€¦ · this presentation contains “forward-looking...

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