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Business
Drug Firms Ink $4 Billion Deal
December 5, 2005
| A version of this story appeared in
Volume 83, Issue 49
Injectable drugmaker American Pharmaceutical Partners plans to acquire its largest shareholder, American BioScience, in a stock transaction valued at about $4.1 billion. The deal will create Abraxis BioScience, a biopharmaceutical company with annual revenue of about $500 million. Abraxis will have worldwide rights to Abraxane, a cancer drug developed by American BioScience that is in clinical trials for treatment of lung, ovarian, prostate, and other cancers.
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