Celgene To Acquire Abraxis

Celgene Corp. and Abraxis BioScience have signed a definitive merger agreement under which Celgene will acquire Abraxis for approximately $2.9 billion.

The acquisition is part of Celgene’s strategy to grow its oncology portfolio, adding breast cancer treatment Abraxane for Injectable Suspension. Abraxane was approved by the FDA in January 2005, and by the EMEA in January 2008. Additionally, Abraxane has received orphan drug designation for stage IIB-IV melanoma and pancreatic cancer.

“The acquisition of Abraxis BioScience is an exceptional strategic fit that will accelerate our strategy of becoming a global leader in oncology,” said Bob Hugin, chief executive officer of Celgene. “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 tumor malignancies.”

“Our nab technology platform is changing the treatment paradigm for difficult-to-treat cancers,” said Patrick Soon-Shiong, M.D., executive chairman of Abraxis BioScience. “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.”