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Home Industry News Celgene to merge with Abraxis BioScience

Celgene to merge with Abraxis BioScience

1st July 2010

Celgene has announced the agreement of a deal to acquire Abraxis BioScience in a deal designed to improve the company’s standing in the field of oncology.

The two firms have signed a definitive merger agreement which will see Celgene take over Abraxis in a deal valued at around $2.9 billion (1.9 billion pounds).

Among the treatments which Celgene will add to its portfolio as a result of the merger is Abraxane, which has been approved for second-line use as a metastatic breast cancer, as well as orphan drug status for stage IIB-IV melanoma and pancreatic cancer.

Bob Hugin, chief executive officer of Celgene, expressed confidence that the deal will bring both commercial and clinical benefits to Celgene stakeholders.

He added: “The acquisition of Abraxis BioScience is an exceptional strategic fit that will accelerate our strategy of becoming a global leader in oncology.”

Last month, Celgene published new clinical trial data for the multiple myeloma drug Revlimid, demonstrating its effectiveness when compared to placebo.

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