Merger forms new drug company to market Abraxane
American Pharmaceutical Partners is merging with its parent company and creating a single company called Abraxis BioScience. The parent company--American BioScience--owns 64.4 percent of American Pharmaceutical. The combined company's lead product is the cancer drug Abraxane, which the FDA approved earlier this year. "We believe this merger is a unique opportunity to combine the strengths of a development-stage biotechnology company with those of a growing and profitable injectable pharmaceutical business to create a fully integrated, global biopharmaceutical leader," said Soon-Shiong, the executive chairman of American Pharmaceutical and the chairman and CEO of American BioScience.
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