Celgene Corporation to buy Abraxis BioScience for $2.9 billion
30 Jun 2010
Celgene Corporation, a US-based integrated global biopharmaceutical company said today that it will acquire Abraxis BioScience Inc for $2.9 billion in cash as part of its strategy to become a global leader in oncology.
Abraxis BioScience, based in Los Angeles, California is a biotechnology company that focuses in the discovery, development, and delivery of next-generation therapeutics and core technologies that offer treatments for cancer and other critical illnesses.
The Abraxis portfolio includes the world's first and only protein-based nanoparticle chemotherapeutic compound- Abraxane, which is based on its proprietary tumor targeting system known as the nab Technology platform.
It has various discovery product candidates and chemical entities for various diseases, including cancer, multiple sclerosis, and Alzheimers. Abraxis markets Abraxane, a reformulation of the chemotherapy drug paclitaxel, as a treatment for metastatic breast cancer patients.
Abraxis has strategic relationships with Taiho Pharmaceutical, Biocon Limited, Green Cross Corporation, Specialised Therapeutics of Australia and ProMetic Life Sciences Inc.
For 2009, Abraxis had revenues of $314.5 million and posted a loss of $103 million.