Celgene to Acquire Abraxis for $2.9 Billion
Celgene to Acquire Abraxis
In an effort to strengthen its oncology pipeline, Celgene Corporation (Summit, NJ) will acquire California-based Abraxis BioScience Inc. for approximately $2.9 billion in stock and cash. The transaction adds Abraxane, an injectable drug that is approved as a treatment for metastatic breast cancer and is being studied in a number of other solid tumors including lung and pancreatic cancers, to Celgene’s existing portfolio of cancer drugs.
Under the terms of the merger agreement, each share of Abraxis BioScience common stock will be converted into the right to receive an upfront payment of $58 in cash and 0.2617 shares of Celgene common stock. Each share will also receive one tradeable contingent value right, which entitles its holder to receive payments for future regulatory milestones and commercial royalties. The acquisition of Abraxis is expected to close in the fourth quarter of 2010.
Celgene may explore the application of Abraxane’s “nab” technology to other compounds. Celgene’s two top-selling drugs are Revlimid and Thalomid, which are treatments for multiple myeloma. In January, Celgene acquired Gloucester Pharmaceuticals Inc., gaining the marketed lymphoma drug Istodax.
The Solution Lies with SOLBIOTE™: Achieving Sustainability, a Growing Focus in Biopharma
October 28th 2024The nexus between biopharmaceuticals and sustainability is seemingly far apart, however, it is increasingly recognized as an inevitable challenge. It is encouraged to take a sustainable approach to reducing the environmental impact of the production and supply of medicines while improving people's health; delivering the well-being of people and the planet. Yosuke Shimojo (Technical Value Support Section Manager, Nagase Viita) will unveil how SOLBIOTE™, a portfolio of injectable-grade saccharide excipients, would be a key for the biopharmaceutical development and achieving sustainability for a better future of the industry.
