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Abraxis BioScience, Inc. (NASDAQ: ABII), a fully integrated biotechnology company, today announced that its board of directors authorized a program to repurchase up to $100 million of the company's common stock.
"The company's authorization of a share repurchase program reflects our continued confidence in the future of the business," said Patrick Soon-Shiong, M.D., chairman and chief executive officer of Abraxis BioScience. "We believe our shares are undervalued and that our strong financial position makes the purchase of our own shares a sound investment at this time."
Share repurchases, if any, will be funded by internal cash resources and will be made through open market purchases. The timing, volume and nature of share repurchases are subject to market prices and conditions, applicable securities laws and other factors, and are at the discretion of company management. Share repurchases may be commenced, suspended or discontinued at any time without prior notice.
About Abraxis BioScience, Inc.
Abraxis BioScience is a fully integrated global biotechnology company dedicated to the discovery, development and delivery of next-generation therapeutics and core technologies that offer patients safer and more effective treatments for cancer and other critical illnesses. The company's portfolio includes the world's first and only protein-bound nanoparticle chemotherapeutic compound (ABRAXANE), which is based on the company's proprietary tumor targeting technology known as the nabŪ platform. The first FDA approved product to use this nabŪ platform, ABRAXANE, was launched in 2005 for the treatment of metastatic breast cancer. Abraxis trades on the NASDAQ Global Market under the symbol ABII.
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