MGI PHARMA, INC.: Notice of Conversion Right for Senior Subordinated Convertible Notes Due 2024

BLOOMINGTON, Minn.--(BUSINESS WIRE)--MGI PHARMA, INC. (NASDAQ:MOGN) (the “Company” or “MGI PHARMA”), today announced that the Company’s Senior Subordinated Convertible Notes due 2024 (the “Notes”) shall become convertible as a result of the Company entering into an Agreement and Plan of Merger (the “Merger Agreement”), dated December 10, 2007, with Eisai Co., Ltd. (“Eisai”) and Jaguar Acquisition Corp. (“Purchaser”) pursuant to which it is anticipated that all of the Company’s outstanding shares of common stock (other than shares of common stock held by Eisai or its subsidiaries or by stockholders who have validly exercised their dissenters’ rights under Minnesota law), will be acquired by Purchaser at a cash purchase price of $41.00 per share pursuant to a tender offer (the “Offer”) followed by a “second-step” merger (the “Merger”).