Millennium Pharmaceuticals, Inc. Non-Employee Director Compensation Policy

Exhibit 10.26

Millennium Pharmaceuticals, Inc.
Description of Non-Employee Director Compensation

We do not pay directors who are also Millennium employees any additional compensation for their service as a director. We do pay our non-employee directors for their service as directors.

Each year, the Board Governance Committee reviews the compensation we pay to our non-employee directors. The Committee compares our Board compensation to compensation paid to non-employee directors by similarly sized public companies in similar businesses. The Committee also considers the responsibilities that we ask our Board members to assume and the amount of time required to perform those responsibilities.

Below we show the rate of compensation that we pay to our non-employee directors.

Cash Compensation

Beginning in 2007, directors may choose to receive all or a portion of their annual retainer in the form of Millennium common stock.

Each director who is not an employee of Millennium receives:

Millennium also reimburses non-employee directors for reasonable travel and out-of-pocket expenses in connection with their service as directors.

Stock Compensation

In addition to Millennium Common Stock that a director may choose to receive in lieu of all or a portion of the cash retainer, under the option program for directors adopted by the Board, our non-employee directors receive stock option grants as follows: