LONDON (Thomson Financial) - Abraxis BioScience Inc has announced its
intention to separate the company's hospital-based product business -- Abraxis
Pharmaceutical Products -- from its proprietary product business -- Abraxis
Oncology and Abraxis Research -- in a transaction that will result in two
independent public companies.
The company said the move is subject to obtaining a ruling from the Internal
Revenue Service that the separation will be tax-free to Abraxis BioScience and
its shareholders.
Following the separation of the businesses, each current shareholder will
own one share of Abraxis Pharmaceutical Products and one share of the new
Abraxis BioScience, for each share previously held.
Abraxis said it has received commitments for 1.45 bln usd of senior credit
facilities: the new Abraxis BioScience will receive approximately 1 bln usd
infusion from the bank financing proceeds and will be strategically focused on
its "nab technology" platform.
tf.TFN-Europe_newsdesk@thomson.com
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