Abraxis BioScience

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Abraxis BioScience
IndustryPharmaceutical
Founded2001 (2001) in Los Angeles, California[1]
FounderDr. Patrick Soon-Shiong
Defunct2010
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
BrandsAbraxane
ServicesCancer drugs
RevenueIncrease US$359 million (2009)[2]
Decrease US$−113 million (2009)[2]
Decrease US$−104 million (2009)[2]
Total assetsDecrease US$1.068 billion (2009)[2]
Total equityDecrease US$846 million (2009)[2]
OwnerCelgene
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]

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

History[edit]

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[edit]

  1. ^ a b c d "Company Overview of Abraxis BioScience, Inc". Bloomberg. Retrieved October 17, 2016.
  2. ^ a b c d e f "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. ^ a b 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. ^ a b 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. ^ a b 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. ^ a b Gopalakrishnan, Lisa (13 November 2007). FORM 8-K (Report). United States Securities and Exchange Commission. Retrieved 2015-08-07.

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