Celgene completes Abraxis takeover
Celgene has completed its acquisition of Abraxis BioScience for cash and stock totalling $2.9 billion.
The takeover gives the cancer specialist company Celgene control of Abraxane, now approved to treat breast cancer, along with its discovery platform and a pipeline
The deal adds innovative cancer treatment Abraxane to the company’s cancer portfolio. Abraxane is an injectable suspension (paclitaxel protein-bound particles for injectable suspension) (albumin-bound)
Moreover, the nanotechnology behind the drug could be a significant scientific platform for development of further treatments.
“By bringing together the tremendous potential of Abraxis with the experience and success of Celgene, we are building a global leader in oncology,” said Bob Hugin, chief executive of Celgene. “We have now bolstered our solid tumour pipeline with a therapy that we believe has great potential in areas of significant unmet medical need. We believe that our combined capabilities can maximise the clinical, regulatory and commercial potential of Abraxane and nab technology worldwide.”
Abraxis’ proprietary nanoparticle albumin bound (nab) technology is a unique mechanism to help deliver drugs more accurately to their targets, and with fewer side-effects.
By combining paclitaxel with albumin, a naturally-occurring human protein, Abraxane can be administered to patients at higher doses, delivering higher concentrations of paclitaxel to the tumour site than traditional solvent-based paclitaxel.
Abraxane was approved by the FDA in January 2005 for the treatment of breast cancer after failure of combination chemotherapy for metastatic disease or relapse.
The drug is currently in various stages of development to treat a range of cancers, including expanded applications for metastatic breast, and phase III trials in non-small cell lung. It use is also being studied in malignant melanoma, pancreatic and gastric cancers.
Sunbird Bio has announced that it has completed a merger with Glympse Bio, intending to …
BioIVT has announced that it has acquired PrecisionMed, a leading supplier of high-quality human biological …