Abraxis buys Shimoda, subsidiary

Abraxis BioScience has completed acquisition of South Africa's Shimoda Biotech and its subsidiary, Platco Technologies. Abraxis bought the companies for $15 million up-front, plus potential additional payments upon the achievement of specified milestones. Shimoda is combining off-patent molecules with its drug delivery platform, in order to achieve faster onset and improved bioavailability characteristics of that platform. Platco Technologies focuses on the development of novel platinum-based anti-cancer drugs. Shimoda has one product on the market--Dyloject, an injectable painkiller for the treatment of post-surgical pain.

- here's the release