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FILED BY COR THERAPEUTICS, INC. PURSUANT TO RULE 425 UNDER THE
SECURITIES ACT OF 1933 AND DEEMED FILED PURSUANT TO RULE 14a-12 OF THE
SECURITIES ACT OF 1934.
SUBJECT COMPANY: COR THERAPEUTICS, INC.
COMMISSION FILE NO.: 000-19290
Transcending the limits of medicine -SM-
[MILLENNIUM LOGO]
Mark J. Levin
Chairperson and Chief Executive Officer
JP Morgan H&Q 19th Annual
Healthcare Conference
San Francisco, CA
January 10, 2002
-C- 2001 Millennium Pharmaceuticals, Inc.
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This presentation contains "forward-looking statements," including statements
about our growth and future operating results, discovery and development of
products, potential acquisitions, strategic alliances and intellectual property.
Various risks may cause Millennium's actual results to differ materially,
including: adverse results in our drug discovery and clinical development
processes; failure to obtain patent protection for our discoveries; commercial
limitations imposed by patents owned or controlled by third parties; our
dependence upon strategic alliance partners to develop and commercialize
products and services based on our work; difficulties or delays in obtaining
regulatory approvals to market products and services resulting from our
development efforts; and the requirement for substantial funding to conduct
research and development and to expand commercialization activities. For a
further list and description of the risks and uncertainties we face, see the
reports we have filed with the Securities and Exchange Commission. We disclaim
any intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
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IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC
Millennium has filed with the SEC a Registration Statement on Form S-4 in
connection with the transaction and Millennium and COR plan to file with the SEC
and mail to their respective stockholders a Joint Proxy Statement/Prospectus in
connection with the transaction. The Registration Statement and the Joint Proxy
Statement/Prospectus will contain important information about Millennium, COR,
the transaction and related matters. Investors and security holders are urged to
read the Registration Statement and the Joint Proxy Statement/Prospectus
carefully when they are available.
Investors and security holders will be able to obtain free copies of the
Registration Statement and the Joint Proxy Statement/ Prospectus and other
documents filed with the SEC by Millennium and COR 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 Registration Statement and the Joint Proxy Statement/Prospectus from
Millennium by contacting the Investor Relations group at each company.
Millennium and COR, and their respective directors and executive officers, may
be soliciting proxies from Millennium's or COR's stockholders in connection with
the transaction. A list of the names of Millennium's directors and executive
officers and descriptions of their interests in Millennium is contained in
Millennium's proxy statement dated March 26, 2001, and its Annual Report on Form
10-K for 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 officers and 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 Form 8-K dated December 7, 2001, which documents are filed with the
SEC. A more complete description will be available in the Registration Statement
and the Joint Proxy Statement/Prospectus.
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Agenda
- Vision - Mission - Strategy
- Creating the Leading Biopharmaceutical Company
- Franchise and Pipeline Highlights
- 2001 Accomplishments
- 2002 Goals and Beyond
- Delivering on the Promise
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Vision - Mission - Strategy:
Creating the Leading
Biopharmaceutical Company
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Millennium Pharmaceuticals, Inc.
Vision
Transcending the Limits of Medicine -SM-
Mission
Create the Leading Biopharmaceutical Company
Strategy
- Breakthrough Products: Sustainable Pipeline - Franchise Businesses
- Personalized Medicine and Productivity
- Value Creation
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Breakthrough Products: Sustainable Pipeline - Franchise Businesses
- - Four major franchises
- - Two therapeutic products on market
- Campath (Registered Trademark)
- INTEGRILIN (Registered Trademark)
- - 10 molecules in clinical trials
- - Discovery engine to deliver a sustainable pipeline
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Sustainable Pipeline
Genome Transcriptome Proteome Molecular Pathways
HTS / Year
75+
NMEs to Clinic / Year
2002: 3-4
2005+: 5+
NMEs to Market / Year
2003 / 4: 1
2005 / 6: 1-2
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Integrated G2P Platform:
More High Quality Products
Chips
Proteomics
Imaging
Fluidics
Structure
Predictive ADMET
CDU
SNP
Gene/Target Identification
Target Validation
Lead Identification
Lead OP Preclinical
Clinical Trials
Commercial and Patient Management
Process Development / Manufacturing
Biology
Markers Computational Biology
Chemistry
Chemical Genetics Computational Chemistry
Patho-pharmacology
Pharmaco-genomics
Patient Management
- Process
- Platform
- Knowledge Management
- Bottlenecks
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Product Development Pipeline
<Table>
<Caption>
Clinical
Candidates Phase I Phase II Phase III Marketed /
2002 Phase IV
Cardiovascular Xa MLN519 INTEGRILIN(R) INTEGRILIN(R) INTEGRILIN(R)
CAB2 MLN01 - CABG - STEMI - ACS/PCI
Oncology CT53518 MLN341 - Solid MLN341 - MM Campath(R)--CLL
MLN591DM1 MLN591RL MLN341 - CLL
MLN944 MLN576
CT53608
Inflammation CCR2 MLN02 - Crohn's
CCR1 MLN02 - UC
CCR5 MLN977 - Oral
MLN273
Metabolic STG-A-MD MLN4760
</Table>
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Personalized Medicine --> Productivity
<Table>
<Caption>
Franchise Areas
Cardiovascular Oncology Inflammation Metabolic Dis.
Genomic Tissues
Technologies Transcriptional Profiling
Large Scale Pathology
The Right Gene Informatics
Molecular Thrombosis Cell Cycle Chemokines CNS Metabolism
Pathways Angiogenesis Proteosome Cards Leptin Pathway
The Right Target Myocyte Apoptosis Apoptosis Gut Biochemistry
Classes of Integrins Kinases Kinases GPCRs
Molecules Ion Channels Proteases GPCRs Transporters
The Right Drug GPCRs Antibodies Antibodies Proteases
Disease
Tissue / Patients /
Markers
The Right Patients Imaging / Outcome Data
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Combined Commercial Organization
<Table>
<Caption>
Today Add The Future
Breakthrough - Cardiovascular - Inflammation - 4 significant
Products - Oncology - Metabolic therapeutic franchises
Geographic - US cardiology - Expand US presence - Global presence
Presence and hospital - Initiate European in 70% worldwide
presence commercialization effort market
- Partner Japan
Strategic - Commercial - Medical science liaisons - Critical mass to
Marketing infrastructure - Pharmacogenomics establish market
- Product leadership
development - Personalized medicine
- Commercial intelligence
- Medical affairs - Web / internet commerce
- Business analysis
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Scalability of Capabilities, Geographic Presence --> Access New Products
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Millennium Commercial Vision
- - Personalized medicine products
- - Focused on unmet needs
- - Knowledge network in a customer marketing model
- - Pioneering utilization of communication technology (web / internet)
- - Broad customer definition
- - Novel integration of global organization in 70% of worldwide market
VALUE CREATION
& EXCELLENCE
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Biopharmaceutical
Company of the Future
$100 Billion
<Table>
<Caption>
Personalized Value
Pipeline Medicine / Creation Organization
Productivity
2 Therapeutics Discovery leadership 4 Franchises 1200 R&D
products Discovery -> Clinic Aventis, Abbott, $500+ M R&D '02
10 clinicals - Structure Schering, Bayer Business Leadership
3-4 NMEs in clinic '02 - ADMET 4 M&A ('97-'01)
- CDU Commercial Leaders
5+ NMEs in clinic '05 -> - PGx 3 Inlicensing ('01) in ACS / PCI
1-2 products per Knowledge Strong balance People Focus
year '05 / '06 -> Management sheet
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Franchise and
Pipeline Highlights
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Franchise Leadership - Building a Business
<Table>
<Caption>
Cardiovascular Oncology Inflammation Metabolic Disease
Worldwide Market $40 B >$20 B $25 B $10 B
Indication ACS, PCI, 1(degree)/ 2(degree) Hematologic RA, Asthma, Obesity, type II
prevention of MI, and solid IBD, MS, diabetes
CABG, CHF tumors COPD, HIV
Commercialization Millennium Millennium Millennium Millennium
US & Europe US & Europe Aventis Abbott
R&D Investment 160 FTEs, 560 FTEs, 530* FTEs, 300* FTEs,
$60 M $200 M $130 M $60 M
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*FTEs include partner efforts
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Cardiovascular Franchise
[GRAPHIC]
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Mediators of Platelet Activation, Aggregation & Ischemic Complications of PCI
[GRAPHIC]
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Franchise: Cardiovascular
Products - INTEGRILIN(R)- Unstable angina / NSTEMI / PCI
Clinical - INTEGRILIN(R)- STEMI, CABG
- MLN01 - Reperfusion injury
- MLN519 - Reperfusion injury
2002 Clinical Candidates - Factor Xa Inhibitor
- CAB2
Expertise - Thrombosis/ACS, Primary and Secondary MI
Prevention
- Cardiac myocyte biology / CHF
- Growth factor receptors and endothelial
cell biology/ vascular disease
Market Opportunity - Single largest therapeutic category with
$40 B in 2000 sales
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INTEGRILIN
#1 Drug for Acute Coronary Syndromes and PCI
- Glycoprotein IIb / IIIa inhibitor
- Small molecule
[illus. from VK to go here]
#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
- - Three sales forces totaling 370 representatives
[INTEGRILIN LOGO]
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INTEGRILIN: Strategies to Facilitate 30% Growth
- - Seize market share from competitive GPIIb-IIIa inhibitors
- Competitive conversion effort with top 100 competitive hospitals
- Major medical education symposia for interventional cardiologists
- Investigator-initiated studies focused on differentiation
- - Drive market growth outside of the cath lab
- CRUSADE in 60,000 unstable angina patients
- ADVANCE MI in 6,000 patients presenting with heart attack
- MSL program to establish treatment guidelines
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Factor Xa Inhibitor Program
Opportunity
- Oral anticoagulant therapy
- Replacement for Coumadin / Warfarin
- Novel treatment for DVT; atrial fibrillation; prosthetic valves
(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
- Broad series of potent and selective inhibitors
- Clinical lead selected: CT54004
- Proof-of-concept in animal models
- 2002 clinical candidate
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Cardiovascular Franchise
Additional Programs:
<Table>
<Caption>
Program Mechanisms Status Lead Indications
MLN01 Anti-CD18 Phase I Reperfusion injury
CAB2 Complement Preclinical CABG complications
inhibitor
Platelet ADP Platelet receptor Lead Optimization Primary and secondary
receptor inhibitor MI prevention, stroke
PDGF receptor RTK Lead Vascular proliferative
Optimization disease
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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
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Oncology Franchise
[GRAPHIC]
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Franchise: Oncology
Products - Campath(R) - Refractory CLL
- Melastatin(R) - Malignant melanoma diagnostic
- MLN341 - Multiple cancers
Clinical - MLN591RL - Prostate cancer
- MLN576 - Solid tumors
2002 Clinical Candidates - MLN591DM1 - CT53518 - CT53608
- MLN944 - MLN273 - Bayer programs
Expertise - Proteasome - Therapeutic antibodies
- Intracellular kinases - Diagnomics/pharmacogenomics
- Receptor tyrosine kinases
Market Opportunity - The leading area of unmet medical need
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MLN341: Proteasome Inhibition
Major new element of oncology intervention
- New mechanism
- Novel pathway
- Broad applications
- Broad IP estate
[GRAPHIC]
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MLN341 Refractory Multiple Myeloma:
Preliminary Phase II Data
Efficacy Safety
- - Heavily pretreated and - MLN341 well tolerated
refractory patient population - Common side effects are
- Patients progressing at study entry manageable (nausea, diarrhea
- Median survival 6-12 months and thombocytopenia)
- Universally fatal - Grade 3 peripheral neuropathy
- - 85% stable or improved occurred in 3 patients (3%)
- - 52% response rate after 2 cycles - LESS THAN 10% patients
of therapy discontinued due to any
- - 11% confirmed complete and adverse events
near complete responses
observed
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MLN341: Complete Response in Multiple Myeloma
[GRAPH]
Prior Therapies:
- 14 prior transplants; Ch 13 abnormal
- MP, VAD, Mel/PBSC x 3, dexamethasone
- Gemzar, DCEP, dendritic vaccine
- Thalidomide, DCEAP, Doxil/Navelbine
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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, and breast)
Planned clinical studies
- - Phase III multiple myeloma -- 1H 2002
- - Multiple solid tumor pivotal trials -- `02 - '03
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Anti-PSMA Antibody (MLN591)
Prostate Specific Membrane Antigen
Opportunity Status
- - No effective therapies for - Phase I -- RL clinical trials in
hormone refractory disease advanced prostate and non-prostate cancers
- Initiate Phase I DM1 and Phase II RL
Key Features studies -- 2002
- - PSMA expressed in most
prostate tumors Results to date
- - Expression increases with - Radiolabeled anti-PSMA
tumor progression - GREATER THAN 60 patients treated to date
- Antibody is well-tolerated
- PSA levels and tumor mass reduction
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MLN591RL in Refractory Prostate Cancer
MLN591RL Dose
[GRAPH]
Patient had GREATER THAN 50% decrease in PSA level
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Oncology Pipeline
Additional Programs:
<Table>
<Caption>
Program Mechanism Status Lead Indications
MLN576 Dual Topo I / II Phase I Solid tumors
CT53518 RTK IND filed AML
MLN944 Dual Topo I / II Preclinical Solid tumors
MLN591DM1 Anti-PSMA Preclinical Prostate cancer
CT53608 RTK Late Lead Glioblastoma
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Personalized Medicine Initiatives:
- Diagnomic program with BD / Tripath (e.g., Melastatin(R))
- Pharmacogenomics on clinical programs
- MLN341
- MLN591
- CT52518
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Inflammation Franchise
[GRAPHIC]
Leukocyte Activation/ Tissue Damage/
Differentiation Migration Repair
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Franchise: Inflammation
Clinical - MLN02 - Crohns, UC
- MLN977 Oral - Asthma
2002 Clinical Candidates - CCR2 - CCR5
- CCR1 (Aventis) - MLN273
Preclinical - MLN977 Inhalation
- CT54141
Expertise - Leukocyte activation/differentiation: kinases,
co-stimulation
- Leukocyte migration: chemokines, integrins
- Tissue damage and repair: leukotrienes, TNF,
fibrosis
Partnerships - 50-50 with Aventis
Market Opportunity - Major markets in asthma, fibrosis
(e.g. cirrhosis), RA, IBD, MS and COPD
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Inflammation Pipeline
Program Status Lead Indications Partner
CCR1 Preclinical RA, MS
CCR2 Preclinical RA, MS
MLN977 Preclinical Inhalation-asthma
CCR5 Preclinical HIV
CT54141 - PDGF Late Lead Fibroinflammatory ?
Receptor disorders, pulmonary
fibrosis and hepatic
cirrhosis
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Metabolic Franchise
[GRAPHIC]
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Franchise: Metabolic
Clinical - MLN4760 - Obesity, 1st genomically-derived target
in clinic
2002 Clinical Candidates - STG-A-MD - obesity
Preclinical - MC4 agonist - FATP4
- MC4 antagonist
Expertise - Key pathways in metabolic / diabetes research
- Hunger / Satiety - Insulin Resistance
- Thermogenesis - Insulin Secretion
- Absorption
Partnerships - Worldwide 50-50 with Abbott
Market Opportunity - Obesity - largest future market
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MLN4760
Opportunity
- 1st genomics program to clinic from Millennium-Abbott alliance
Key Features
- Inhibits novel carboxypeptidase
- Non-appetite suppressant mechanisms
Status
- Phase I clinical trial for PK / PD and safety
- 56 subjects, accrual ongoing
Results to date
- Preclinical data support favorable change profile in metabolic
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2001 Accomplishments
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2001 Accomplishments
Products - Campath(R) on market - US, Europe
- - INTEGRILIN(R) - #1, >50% share, +34%
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
Phase I Pipeline
- - 84 HTS
Value Creation
- - COR Merger
- - Metabolic Disease: 50/50 worldwide Abbott
- - In/Out-licensing - PSMA, TOPO 1 / 2,
GC-C, CAB2 / MLN01, Campath(R)
- - 200+ issued patents, 2000+ applications
- - $2.1 B cash / $700 M debt
Productivity
- - Leading discovery effort
- - Alliances: Affymetrics, SGI, Caliper,
Pharsight, Abbott
- - Knowledge management, CDU initiative
underway
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2002 Goals
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2002 Goals: Creating a Major Biopharmaceutical Company
Sustainable Pipeline
- - 3-4 NMEs first in clinic 2002
- - 75 HTS
- - $500+ M R&D investment in 4 key
franchises
Oncology Franchise
- - MLN341 to start Phase III - 1H 2002
- - MLN591RL in Phase II - 2H 2002
- - 3-4 additional NMEs in clinical trials
Cardiovascular Franchise
- - INTEGRILIN(R)sales $300 M
- - Xa in clinic - 2H 2002
Inflammation Franchise
- - Advance clinical pipeline
- - End 2002 with 4-5 NMEs trials (ongoing)
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2002 Goals: Creating a Major Biopharmaceutical Company
Value Creation
- Revenue $420 M
- $175-200 M NOL, on track for breakeven 2004
- >$1.7 B in cash with ~$250 M debt
- Continued M&A and transforming alliances
Personalized Medicine / Productivity
- Pharmacogenomics in 6 clinical programs
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Millennium: Fully Integrated Gene-to-Patient Biopharmaceutical Company
- Delivering on the promise of molecular medicine to create the next era of
therapeutic breakthroughs to make a difference in people's lives
- Sustainable product pipeline
- Personalized Medicine and Productivity
- Business leader in transforming relationship
- Strong financial position
- Transforming commercial marketplace
- Critical mass -> capabilities
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Millennium: The Biopharmaceutical Company of the Future