Eisai Announces Completion of Tender Offer for MGI Pharma Shares

  
    
  
  
    
      Eisai Co., Ltd. (Tokyo, TSE 4523) (“Eisai”), 
      a research-based human health care (hhc) company, today announced 
      the completion of the offer by its indirect wholly-owned subsidiary, 
      Jaguar Acquisition Corp. (“Jaguar”), 
      to purchase all outstanding shares of the common stock of MGI PHARMA, 
      INC. (NASDAQ: MOGN) (“MGI PHARMA”), 
      including the associated preferred share purchase rights, for US$41.00 
      per share, without interest and subject to applicable withholding of 
      taxes. As of 12:00 midnight (New York City time) on Friday, January 25, 
      2008, the expiration date of the previously announced subsequent 
      offering period for the offer, 76,494,076 MGI PHARMA shares have been 
      validly tendered into the offer, representing over 93.8% of the 
      outstanding shares of MGI PHARMA. All shares validly tendered in the 
      offer have been accepted for payment, and the consideration for all such 
      shares either has been paid or will promptly be paid.
    
    
      As the final step of the acquisition process, Eisai intends to effect a 
      short-form merger of Jaguar with and into MGI PHARMA, in which the 
      remaining MGI PHARMA shareholders, other than shareholders who elect to 
      exercise their dissenter’s rights under 
      applicable Minnesota law, will receive the same cash price of US$41.00 
      per share paid in the offer, without interest and subject to applicable 
      withholding of taxes. Consummation of the short-form merger is expected 
      to occur on the next business day. Following the merger, MGI PHARMA will 
      become a wholly-owned subsidiary of Eisai Corporation of North America, 
      a wholly-owned subsidiary of Eisai Co., Ltd., and MGI PHARMA common 
      stock will be delisted and will cease to trade on the NASDAQ National 
      Market.
    
    
      About Eisai Co., Ltd.
    
    
      Eisai Co., Ltd. is a research-based human health care (hhc) 
      company that discovers, develops and markets products throughout the 
      world. Eisai focuses its efforts in three therapeutic areas: integrative 
      neuroscience, including neurology and psychiatric medicines; 
      gastrointestinal disorders; and integrative oncology, including 
      oncotherapy and supportive-care treatments. Through a global network of 
      research facilities, manufacturing sites and marketing affiliates, Eisai 
      actively participates in all aspects of the worldwide healthcare system.
    
    
      About Eisai Corporation of North America
    
    
      Eisai Corporation of North America is a wholly-owned subsidiary of Eisai 
      Co., Ltd. and supports the activities of its operating companies in 
      North America. These operating companies include: Eisai Research 
      Institute of Boston, Inc., a discovery operation with strong organic 
      chemistry capabilities; Morphotek, Inc., a biopharmaceutical company 
      specializing in the development of therapeutic monoclonal antibodies; 
      Eisai Medical Research Inc., a clinical development group; Eisai Inc., a 
      commercial operation with manufacturing and marketing/sales functions; 
      and Eisai Machinery U.S.A., which markets and maintains pharmaceutical 
      manufacturing machinery.
    
    
      Forward-Looking Statement
    
    
      Certain statements contained in this press release constitute “forward-looking 
      statements” within the meaning of the Private 
      Securities Litigation Reform Act of 1995. Forward-looking statements in 
      this press release include statements regarding the expected timing of 
      the completion of the merger. Words such as “expects,” 
      “anticipates,” “forecasts,” 
      “intends” and 
      similar expressions are intended to identify such forward-looking 
      statements. We will not undertake and specifically decline any 
      obligation to update or correct any forward-looking statements to 
      reflect events or circumstances after the date of such statements or to 
      reflect the occurrence of anticipated or unanticipated events.