Abraxis BioScience

Last updated
Abraxis BioScience
IndustryPharmaceutical
Founded2001;24 years ago (2001) in Los Angeles, California [1]
FounderDr. Patrick Soon-Shiong
Defunct2010 (2010)
Headquarters
Los Angeles
,
United States
Key people
  • Mr. Rick Click (Chief Information Officer and Global IT Officer)
  • Dr. Nguyen V. Dat Ph.D. (vice president of Clinical Research)
ProductsProtein-based therapeutics and technologies for treatment of cancer and other critical illnesses
Brands Abraxane
ServicesCancer drugs
RevenueIncrease2.svgUS$359 million(2009) [2]
Decrease2.svgUS$−113 million(2009) [2]
Decrease2.svgUS$−104 million(2009) [2]
Total assets Decrease2.svgUS$1.068 billion(2009) [2]
Total equity Decrease2.svgUS$846 million(2009) [2]
Owner Celgene
Number of employees
885 (2009) [2]

Abraxis BioScience was a global biopharmaceutical, and nano-medicine company that developed treatments for critically ill patients. It had over 2000 employees worldwide in 2007. [3] Abraxis's portfolio included the world's first protein-based nanoparticle chemotherapeutic compound, called nab Technology. [4] From this the company developed Abraxane, a treatment for metastatic breast cancer. [5]

Contents

In 2010, Abraxis BioScience was acquired by Celgene Corporation. [6]

History

Abraxis was incorporated in 2001 in Los Angeles. [1] It was formerly known as American Pharmaceutical Partners (APP), which as known for its injectable oncology, anti-infective and critical care. [7] Besides cancer treatments, it provided treatment for multiple sclerosis, Alzheimer's, and some cardiovascular diseases. [1] It had manufacturing plants in Melrose Park, Illinois and Phoenix, Arizona. [1] By 2005, Dr. Patrick Soon-Shiong merged American BioScience and the publicly-held APP, naming it Abraxis BioScience. [8] Under this new name, seventy-four trials were undertaken to test Abraxane against various cancer targets. [8] The drug, which was approved by the FDA in 2005, was the subject of a litigation (Elan Pharma v. Abraxis BioScience) for patent infringement. [9] In 2008, Abraxis was ordered to pay $55.2 million to Elan. [9]

In August 2007, Abraxis announced it would again undergo a restructuring to separate its "hospital-based products business" from its "proprietary products business" into two public companies; this would involve the merging of Abraxis Oncology and Abraxis Research sub-units to form a new Abraxis Bioscience (Abraxis Bioscience, Inc., Nasdaq :  ABII), and the spinoff of Abraxis Pharmaceutical Products (APP, Inc., Nasdaq :  APPX). [10] This reorganization was completed in November 2007. [11] During the reorganization, the new Abraxis Bioscience was known briefly as New Abraxis. [11]

In 2010, Abraxis BioScience was acquired by Celgene Corporation. [6] Per Celgene's website, as of at least 2016 Abraxis no longer exists as a named division within Celgene.[ citation needed ]

References

  1. 1 2 3 4 "Company Overview of Abraxis BioScience, Inc". Bloomberg . Retrieved October 17, 2016.
  2. 1 2 3 4 5 6 "Abraxis BioScience 2009". Abraxis BioScience.
  3. ↑ BioPortfolio, 2007, "InDepth Summary", 10/11/2009[ dead link ]
  4. ↑ Abraxis BioScience, 2008, "Nab Technology", 10/11/2009
  5. ↑ Hoovers. Archived 2015-09-24 at the Wayback Machine
  6. 1 2 Celgene, 30 June 2010, "Celgene To Acquire Abraxis BioScience Inc." (press release), 8/6/2015.
  7. ↑ Plunkett, Jack W. (2008). Plunkett's Companion to the Almanac of American Employers 2008: Mid-Size Firms. Plunkett Research, Ltd. ISBN   978-1-59392-107-1.
  8. 1 2 Sitrick, Michael S. (2018-01-08). The Fixer: Secrets for Saving Your Reputation in the Age of Viral Media. Simon and Schuster. ISBN   978-1-62157-435-4.
  9. 1 2 Rimmer, Matthew; McLennan, Alison (2012). Intellectual Property and Emerging Technologies: The New Biology. Cheltenham, UK: Edward Elgar Publishing. p. 271. ISBN   978-1-84980-246-8.
  10. ↑ Van Arnum, Patricia (1 August 2007). "Abraxis BioScience Plans to Separate into Two Companies". Pharmaceutical Technology. Archived from the original on 24 September 2015. Retrieved 2015-08-07– via Highbeam Research.
  11. 1 2 Gopalakrishnan, Lisa (13 November 2007). FORM 8-K (Report). United States Securities and Exchange Commission. Retrieved 2015-08-07.


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