Celgene Will Acquire Oncology Firm Abraxis

Celgene has agreed to acquire Abraxis BioScience, a Los Angeles-based firm that markets the breast cancer drug Abraxane, in a stock deal valued at $2.9 billion. An injectable suspension of paclitaxel bound to albumin, Abraxane can be delivered at higher doses than traditional solvent-based paclitaxel, according to Abraxis. “The acquisition of Abraxis BioScience is an exceptional strategic fit that will accelerate our strategy of becoming a global leader in oncology,” says Bob Hugin, Celgene’s CEO. He notes that Abraxane has shown potential for the treatment of solid tumors such as those caused by non-small-cell lung and pancreatic cancers.