Abraxis BioScience and Biocon Limited Announce Licensing Agreement for G-CSF in North America and the European Union

  
    
  
  
    
      Abraxis BioScience, Inc. (NASDAQ:ABBI), an integrated, global 
      biopharmaceutical company, and Biocon Limited, India�s 
      leading biotechnology company, today announced an agreement wherein 
      Abraxis will license the right to develop a biosimilar version of G-CSF 
      (granulocyte-colony stimulating factor) in North America and the 
      European Union. Under the terms of the agreement, Biocon will receive an 
      upfront licensing fee and, following approval in the licensed 
      territories, royalties from Abraxis BioScience. Detailed financial terms 
      of the agreement were not disclosed.
    
    
      �We are very excited to enter into this 
      collaboration with Biocon. We believe this partnership allows us to 
      participate in the emerging biosimilars market and build a new platform 
      for growth,� said Patrick Soon-Shiong, M.D., 
      chairman and chief executive officer of Abraxis BioScience.
    
    
      G-CSF is an haematopoietic growth factor that works by encouraging the 
      bone marrow to produce more white blood cells. Therapeutic G-CSF is 
      primarily used for the treatment of neutropenia, the lowering of the 
      white blood cells that fight infections. Biocon has received regulatory 
      approval from the Indian DCGI for the treatment of neutropenia in cancer 
      patients and intends to launch the product in India through its 
      Oncotherapeutics division.
    
    
      �Abraxis Bioscience is an ideal partner for 
      Biocon as we increase our focus on oncology. We are confident that both 
      partners will realize success in attaining market leadership for G-CSF 
      in their respective markets,� said Kiran 
      Mazumdar-Shaw, chairman and managing director of Biocon Limited. �The 
      present licensing arrangements will certainly pave the way to other 
      opportunities in the foreseeable future."
    
    
      �We believe that this collaboration will 
      facilitate affordable access of high-quality supportive care therapy and 
      proprietary products to cancer patients across the world," said Dr. 
      Subir Basak, general manager, Business Development & Oncotherapeutics 
      SBU Head, Biocon Limited.
    
    
      The biological activity of Biocon's G-CSF used in clinical trials was 
      evaluated by NIBSC (National Institute of Biological Standards and 
      Control), UK, which provides independent testing of biological 
      medicines. The NIBSC found that the potency of Biocon�s 
      drug met the necessary requirements of a biosimilar G-CSF.
    
    
      About Biocon Limited
    
    
      Established in 1978, Biocon Limited is one of India's premier 
      biotechnology companies. Biocon and its two subsidiary companies, 
      Syngene International Ltd and Clinigene International Ltd, form a fully 
      integrated biotechnology enterprise, specializing in biopharmaceuticals, 
      custom research, clinical research and enzymes. With successful 
      initiatives in clinical development, bio-processing and global 
      marketing, Biocon delivers products and solutions to partners and 
      customers across the globe. Many of these products have USFDA and EMEA 
      acceptance. Biocon launched the world's first recombinant human insulin, 
      INSUGEN� in November 2004 using Pichia 
      expression and India's first indigenously produced monoclonal antibody 
      BIOMAb-EGFRTM. Visit us at www.biocon.com.
    
    
      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 the development of the 
      licensed intellectual property portfolio. 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. The development of the licensed intellectual 
      property portfolio could be affected by a number of factors, including 
      unexpected safety, efficacy or manufacturing issues, additional time 
      requirements for data analyses and decision making, the impact of 
      pharmaceutical industry regulation, the impact of competitive products 
      and pricing and the impact of patents and other proprietary rights held 
      by competitors and other third parties. 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.