Celgene and Abraxis Announce Shareholder Vote in Favor of Merger
October 13 2010 - 4:30PM
Business Wire
Celgene Corporation (NASDAQ: CELG) and Abraxis Bioscience, Inc.
(NASDAQ: ABII) today announced that Abraxis’ shareholders approved
the merger agreement between the companies. The companies
anticipate the closing of the transaction will occur on October 15,
2010.
The transaction will bring Abraxis’ targeted cancer therapies,
led by ABRAXANE, and its innovative nab® technology together with
Celgene’s portfolio of more than 30 clinical programs addressing
high unmet medical needs in serious and debilitating diseases in
hematology/oncology and inflammation.
“We appreciate this vote of support by Abraxis’ shareholders and
look forward to bringing together the talent and resources of both
organizations unified in vision, mission and values, and aligned
through a commitment to improving the lives of patients worldwide,”
said Bob Hugin, Chief Executive Officer of Celgene Corporation.
About Celgene
Celgene Corporation, headquartered in Summit, New Jersey, is an
integrated global biopharmaceutical company engaged primarily in
the discovery, development and commercialization of novel therapies
for the treatment of cancer and inflammatory diseases through gene
and protein regulation. For more information, please visit the
Company's website at www.celgene.com.
About Abraxis BioScience, Inc.
Abraxis BioScience is a fully integrated global biotechnology
company dedicated to the discovery, development and delivery of
next-generation therapeutics and core technologies that offer
patients safer and more effective treatments for cancer and other
critical illnesses. The company's portfolio includes
chemotherapeutic compound (ABRAXANE), which is based on the
company's proprietary tumor targeting technology known as the nab®
platform. The first FDA approved product to use this nab platform,
ABRAXANE, was launched in 2005 for the treatment of metastatic
breast cancer and is now approved in 39 countries. The company
continues to expand the nab platform through a robust clinical
program and deep product pipeline. Abraxis trades on the NASDAQ
Global Market under the symbol ABII. For more information about the
company and its products, please visit
http://www.abraxisbio.com.
This release contains certain forward-looking statements which
involve known and unknown risks, delays, uncertainties and other
factors not under Celgene’s control. The Company’s actual results,
performance, or achievements could be materially different from
those projected by these forward-looking statements. The factors
that could cause actual results, performance, or achievements to
differ from the forward-looking statements include the possibility
that the expected benefits from the merger will not be realized, or
will not be realized within the anticipated time period; the risk
that Celgene’s and Abraxis’ businesses will not be integrated
successfully; the possibility of disruption from the merger making
it more difficult to maintain business and operational
relationships; any actions taken by either of the companies,
including but not limited to, restructuring or strategic
initiatives (including capital investments or asset acquisitions or
dispositions); and other risks that are discussed in Celgene’s
filings with the SEC, such as Celgene’s Form 10-K, 10-Q and 8-K
reports and in Abraxis Bioscience’s filings with the SEC, such as
its Form 10-K, 10-Q and 8-K reports. Given these risks and
uncertainties, you are cautioned not to place undue reliance on the
forward-looking statements.
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