Please login to the form below

Not currently logged in
Email:
Password:

Celgene clears antitrust hurdle

Celgene receives antitrust approval to buy Abraxis Bioscience

Celgene has announced that it has received antitrust approval to buy Abraxis Bioscience and expects to close the transaction in the third or fourth quarter of 2010.

This follows the company's announcement in June that it would buy Abraxis for $2.9bn in cash and stock in a move to expand its array of cancer treatments.

Abraxis' only approved drug is the breast cancer treatment Abraxane (paclitaxel), however it has potential as a treatment for other types of cancer.

According to Bob Hugin, CEO of Celgene Corporation: "The acquisition of Abraxis BioScience is an exceptional strategic fit that will accelerate our strategy of becoming a global leader in oncology. We are excited by the opportunity to leverage our clinical, regulatory and commercial capabilities to provide metastatic breast cancer patients with an innovative treatment in Abraxane.

"We are also excited by the potential of Abraxane to treat additional solid tumour malignancies such as non-small cell lung and pancreatic cancer. Finally, the potential of nab(R)-based therapeutics developed by Abraxis coupled with Celgene's innovative science offers the potential to deliver long-term value to patients, doctors and all of our stakeholders."

Patrick Soon-Shiong, executive chairman of Abraxis BioScience said: "Our nab technology platform is changing the treatment paradigm for difficult-to-treat cancers. In Celgene we have found the ideal partner to further expand the reach of Abraxane and our other treatments, in order to improve the lives of patients worldwide."

Shares of Celgene rose 35 cents to $56.61 in morning trading, while shares of Abraxis remained unchanged at $75.75.

4th August 2010

Share

Featured jobs

Subscribe to our email news alerts

PMHub

Add my company
Branding Science

We are Branding Science Partners in thinking which inspires change in healthcare Branding Science are an award-winning global pharmaceutical market...

Latest intelligence

Playing Mind Games
To give a brief strong direction, we need to ascertain how the brand intends to win attention, how it will engage, what its call to action will be and how...
PM Society Digital Award Finalists
P&P are shortlisted for the ‘Craft in Film’ category at this year’s PM Society Digital Awards...
The Exhibition Hall: Past, Present and Future
As I sit here at another pharma conference, I start to reflect on how they have changed over the years....

Infographics