Abraxis

Abraxis, ProMetic ink $295M deal for four drugs

Maureen Martino — Fri, 05 Sep 2008 09:00:02 -0400

Abraxis has signed a $295M licensing deal with ProMetic Life Sciences to develop and market four biotech drugs. The companies didn't say which programs they woud be collaborating on, only that the drugs address "underserved medical conditions." Abraxis will make a $7 million investment in ProMetic and has the option to increase that investment to $25 million. The deal includes access to ProMetic's protein technologies to commercialize the four drugs. Abraxis will fund all development costs to regulatory approval.

"ProMetic is providing us with proven technologies enabling the development and manufacturing of four valuable therapeutics, while Abraxis' corporate and financial resources will significantly accelerate their commercialization," stated Patrick Soon-Shiong, M.D., CEO of Abraxis. The drug could be worth up to $600 million a year if approved.

- check out the release for more

Elan wins $55M judgment in patent scrap

John Carroll — Mon, 16 Jun 2008 07:38:16 -0400

Ireland's Elan won a $55.2 million judgment against Abraxis BioScience on Friday, prevailing in its case that Abraxis' breast cancer drug Abraxane uses a technology protected by an Elan patent. Abraxane was approved by the FDA three years ago. This fight is far from finished, as Abraxis says it plans to appeal the ruling.

- read the report from RTT News

ALSO: Investors are anxiously awaiting a Phase II update from Elan and Wyeth on bapineuzumab, a potential blockbuster drug targeted at the root causes of Alzheimer's. Significant success in the clinic would pave the way for a new drug to compete against therapies that offer little long-term benefit. Report

Abraxis forges cancer licensing deal with Scripps

Tue, 21 Aug 2007 06:59:55 -0400

Abraxis BioScience and The Scripps Research Institute have inked an exclusive licensing agreement for the worldwide development and commercialization of a novel epothilone therapeutic for the treatment of cancer. Epothilones belong to a new class of microtubule-stabilizing agents, which bind to the tubulin pathway to inhibit the growth and proliferation of cancer cells. Under the terms of the agreement, Abraxis has rights to eleven potential drug candidates for pre-clinical evaluation and selection of a lead candidate for clinical development. Financial terms of the agreement were not disclosed.

"We are excited to enter into this exclusive agreement with The Scripps Research Institute, which enables Abraxis to expand its rapidly growing oncology pipeline with the addition of a novel epothilone therapy," said Neil P. Desai, Ph.D., vice president of research and development at Abraxis.

- see the release on the licensing pact

Related Articles:
Abraxis cleaves company into two new outfits. Report
AstraZeneca, Abraxis ink $200M licensing pact. Report
Abraxis seeks FDA approval. Report
Scripps Florida sees first biotech spinoff take root. Report

Abraxis cleaves company into two new outfits

Mon, 02 Jul 2007 00:01:36 -0400

Abraxis Bioscience is splitting its business in two, creating one company called Abraxis Pharmaceutical Products that will focus on its hospital-based business and a new Abraxis BioScience that will concentrate on its proprietary business. Deutsche Bank and Wachovia Bank, N.A. have provided an underwritten commitment for $1.45 billion of bank financing. Abraxis BioScience will receive about $1 billion from the bank financing and will be strategically focused on its nab technology platform, the development of its proprietary pipeline and expanded commercialization of ABRAXANE.

"Strategic initiatives executed over the past few years, including the acquisition of global rights to ABRAXANE and the nab technology platform, the acquisition of the AstraZeneca anesthesia/analgesic portfolio and the acquisition of the Pfizer manufacturing facility in Puerto Rico, have accelerated the growth of two robust businesses with more than 1,900 employees and combined revenues that are expected to approach $1 billion by the end of 2007," says Patrick Soon-Shiong, M.D., chairman and CEO. "The separation will permit each company to focus on their respective pipelines, and business development opportunities and compete more effectively in their individual marketplaces."

- see the release on the deal

Related Articles:
AstraZeneca, Abraxis ink $200M licensing pact. Report
Abraxis seeks FDA approval. Report

AstraZeneca, Abraxis ink $200M licensing pact

Wed, 26 Apr 2006 20:01:39 -0400

AstraZeneca and Abraxis BioScience have wrapped a deal to share the promotional rights to the cancer drug Abraxane in the U.S. Abraxane is currently approved for breast cancer but is being developed as a therapy for a range of cancers. AstraZeneca will pay $200 million for five and a half years of co-promotion rights to Abraxane and gains right of first refusal to several markets outside the U.S. Simultaneously, AstraZeneca announced it will sell its U.S. anesthetic and analgesic products to Abraxane for $350 million.

"This deal gives AstraZeneca access to the key U.S. chemotherapy market," said Tony Zook, president and CEO of AstraZeneca U.S. "Abraxane brings significant benefits to cancer patients over existing therapies and complements and extends our U.S. oncology product portfolio."

- here's the AP report on Abraxane

PLUS: Abraxis is buying one of Pfizer's Puerto Rico plants to expand production of Abraxane. Report