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Abraxis BioScience, Inc. (NASDAQ:ABII) today announced that its proprietary biotechnology business has been successfully spun-off from APP Pharmaceuticals, Inc. (NASDAQ:APPX) and will now operate as the new Abraxis BioScience. As part of this tax-free transaction, the new Abraxis BioScience has received cash proceeds of approximately $700 million. The number of outstanding shares in the new Abraxis will be approximately 40 million shares. The new Abraxis BioScience will be headquartered in Los Angeles, California and now trades on the Nasdaq Global Market under the symbol "ABII."
The new Abraxis portfolio includes the world's first and only protein-based nanoparticle chemotherapeutic compound, ABRAXANE® (paclitaxel protein-bound particles for injectable suspension) (albumin-bound), which is based on its proprietary tumor targeting technology known as the nab™ technology platform. This nab technology platform is the first to exploit the tumor's biology against itself, taking advantage of an albumin-specific, receptor-mediated transport system and allowing the delivery of a drug from the vascular space across the blood vessel wall to the underlying tumor tissue.
The new Abraxis BioScience, with its breakthrough marketed product, ABRAXANE, global ownership of its proprietary technology platform and pipeline, dedicated nanoparticle manufacturing capabilities, combined with its seasoned in-house capabilities, including discovery, clinical drug development, regulatory and sales and marketing, is positioned to emerge as a leading global biotechnology company.
"The new Abraxis BioScience has a solid history of drug development and is one of the only few fully integrated biotechnology companies. We remain singularly focused on developing progressive therapies and core technologies that offer patients and medical professionals safer and more effective treatments for cancer and other critical illnesses," said Patrick Soon-Shiong, M.D., chairman of the board and chief executive officer of the new Abraxis BioScience. "With the influx of $700 million in cash and with no debt, as well as the increasing revenues from ABRAXANE, the new Abraxis BioScience is poised to be a significant participant in the ever-evolving biotechnology space."
From the discovery and research phase to development and commercialization, Abraxis BioScience is committed to rapidly enhancing its product pipeline and accelerating the delivery of breakthrough therapies that will transform the lives of patients who need them.
About Abraxis BioScience, Inc.
Abraxis BioScience is a fully integrated biotechnology company dedicated to delivering progressive therapeutics and core technologies that offer patients and medical professionals safer and more effective 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. From the discovery and research phase to development and commercialization, Abraxis BioScience is committed to rapidly enriching the company’s pipeline and accelerating the delivery of breakthrough therapies that will transform the lives of the patients who need them. Abraxis, with headquarters in Los Angeles, California, trades on the Nasdaq Global Market under the symbol “ABII.” For more information about the company and its products, please visit http://www.abraxisbio.com .
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements regarding the separation of the proprietary business from APP Pharmaceuticals, Inc. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward- looking statements. These factors include, but are not limited to, the inability to recognize the benefits of the separation; the continued market acceptance and demand of new and existing products; the difficulties or delays in developing, testing, obtaining regulatory approval of, and producing and marketing of products; the impact of competitive products and pricing; the availability and pricing of ingredients used in the manufacture of pharmaceutical products; and the ability to successfully manufacture products in a time-sensitive and cost effective manner. Additional relevant information concerning risks can be found in Abraxis BioScience’s Registration Statement on Form 10 filed under the company name New Abraxis, Inc. and other documents it has filed with the Securities and Exchange Commission.
The information contained in this press release is as of the date of this release. Abraxis assumes no obligations to update any forward-looking statements contained in this press release as the result of new information or future events or developments.
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