Abraxis Bioscience (MM) (NASDAQ:ABBI)
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Abraxis BioScience, Inc. (NASDAQ:ABBI), an integrated, global
biopharmaceutical company, today announced that it has acquired from
Watson Pharmaceuticals, Inc. (NYSE:WPI) a sterile injectable
manufacturing facility located in Phoenix, Arizona. This facility, which
has the ability to manufacture lyophilized powders, suspension products,
and aqueous and oil solutions, currently manufactures products for both
Watson and other third parties. Under the terms of the agreement,
Abraxis will serve as a contract manufacturer for certain injectable
products currently manufactured in this facility for a specified period
of time. Financial terms were not disclosed.
This fully-equipped facility is approximately 200,000 square feet and
includes manufacturing as well as chemistry and microbiology
laboratories. Abraxis expects that this facility, along with its
manufacturing facility located in Melrose Park, Illinois, will
manufacture for the global market the company’s
current and future proprietary products such as ABRAXANE®
for Injectable Suspension (paclitaxel protein-bound particles for
injectable suspension) (albumin-bound) after completion of the planned
separation of its proprietary product business –
Abraxis Oncology and Abraxis Research (the new Abraxis BioScience) from
its hospital-based product business – Abraxis
Pharmaceutical Products (APP). Abraxis will continue to work closely
with state and local officials to secure the necessary support to
sustain long-term growth of this facility.
“Subsequent to the announcement of our
pending separation, we have made a concerted effort to make strategic
decisions that support the long-term viability and growth of each
operation,” said Patrick Soon-Shiong, M.D.,
chief executive officer and executive chairman of Abraxis. “The
acquisition of this facility will allow us to expand our cGMP
manufacturing capabilities to provide the necessary infrastructure for
worldwide growth of the new Abraxis BioScience.”
About Abraxis BioScience, Inc.
Abraxis BioScience, Inc. is an integrated global biopharmaceutical
company dedicated to meeting the needs of critically ill patients. The
company develops, manufactures and markets one of the broadest
portfolios of injectable products and leverages revolutionary technology
such as its nab™ platform to discover
and deliver breakthrough therapeutics that transform the treatment of
cancer and other life-threatening diseases. The first FDA approved
product to use this nab platform, ABRAXANE®,
was launched in 2005 for the treatment of metastatic breast cancer.
Abraxis trades on the Nasdaq Global Market under the symbol ABBI. For
more information about the company and its products, please visit www.abraxisbio.com.
FORWARD-LOOKING STATEMENT
The statements contained in this press release that are not purely
historical are forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended. Forward-looking
statements in this press release include statements regarding our
expectations, beliefs, hopes, goals, intentions, initiatives or
strategies, including statements regarding our plans for the Phoenix
manufacturing facility the planned separation of our proprietary product
business from our hospital-based business. Because these forward-looking
statements involve risks and uncertainties, there are important factors
that could cause actual results to differ materially from those in the
forward-looking statements. These factors include: our ability to comply
with applicable FDA manufacturing requirements contained in the FDA’s
cGMP regulations; our ability to qualify the facility with the FDA with
respect to our products; the ability to obtain a private letter ruling
from the IRS on the tax-free nature of the separation and related
transactions; the ability to obtain the necessary debt financing
arrangements; risks that the proposed separation disrupts current plans
and operations and the potential difficulties in employee retention; and
the ability to recognize the benefits of the transactions contemplated
by the separation of the businesses. Additional relevant information
concerning risks can be found in Abraxis BioScience's Form 10-K for the
year ended December 31, 2006 and other documents it has filed with the
Securities and Exchange Commission.
The information contained in this press release is as of the date of
this release. Abraxis assumes no obligations to update any
forward-looking statements contained in this press release as the result
of new information or future events or developments.