Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > News > Abraxis Fires AstraZeneca, Gets Fired Up

November 26th, 2008

Abraxis Fires AstraZeneca, Gets Fired Up

Abstract:
Buoyed by deep pockets filled with cash after it separated from its generic drug business, Abraxis Bioscience (Nasdaq: ABII) is moving into the deep end with the big boys. The platform drugmaker decided to end its marketing agreement with AstraZeneca (NYSE: AZN) and sell its cancer drug Abraxane by itself.

It'll cost the company $268 million to get out of the partnership, but the timing seems right; Abraxane has been competing well against the other taxanes -- Bristol-Myers Squibb's (NYSE: BMY) Taxol and Sanofi-Aventis' (NYSE: SNY) Taxotere -- in the metastatic breast cancer market and is poised for growth into other cancers. It also has compounds in its pipeline that could be sold using the same drug delivery technology, so building out now isn't unreasonable.

The agreement still needs to be approved by Abraxis' board, but a thumbs-up seems likely, because if the company stays with AstraZeneca, it will have to start paying a commission of 50% -- more than double the 22% commission that AstraZeneca currently gets.

Source:
fool.com

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Cryo-electron microscopy achieves unprecedented resolution using new computational methods March 25th, 2017

Argon is not the 'dope' for metallic hydrogen March 24th, 2017

Promising results obtained with a new electrocatalyst that reduces the need for platinum: Researchers from Aalto University have succeeded in manufacturing electrocatalysts used for storing electric energy with one-hundredth of the amount of platinum that is usually needed March 24th, 2017

Artificial photosynthesis steps into the light: Rice University lab turns transition metals into practical catalyst for solar, other applications March 23rd, 2017

Investments/IPO's/Splits

Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017

Harris & Harris Group Announces the Filing of Preliminary Proxy Materials Detailing Its Proposed Conversion From a BDC to a Registered Closed-End Fund January 24th, 2017

Harris & Harris Group Issues Reminder for Shareholder Update Call on January 10, 2017 January 10th, 2017

Arrowhead Provides Response to New Minority Shareholder Announcement January 7th, 2017

Nanomedicine

Cryo-electron microscopy achieves unprecedented resolution using new computational methods March 25th, 2017

Nanobiotix: The Independent Data Monitoring Committee Recommends the Continuation of the Ongoing Phase II/III Trial of NBTXR3 in Soft Tissue Sarcoma March 23rd, 2017

Nanoparticle paves the way for new triple negative breast cancer drug March 20th, 2017

Block copolymer micellization as a protection strategy for DNA origami March 17th, 2017

Announcements

Cryo-electron microscopy achieves unprecedented resolution using new computational methods March 25th, 2017

Argon is not the 'dope' for metallic hydrogen March 24th, 2017

Promising results obtained with a new electrocatalyst that reduces the need for platinum: Researchers from Aalto University have succeeded in manufacturing electrocatalysts used for storing electric energy with one-hundredth of the amount of platinum that is usually needed March 24th, 2017

Artificial photosynthesis steps into the light: Rice University lab turns transition metals into practical catalyst for solar, other applications March 23rd, 2017

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project