Abraxis BioScience
| Company type | Public (post-2007 restructuring) |
|---|---|
| Industry | Biopharmaceutical, Nanomedicine |
| Predecessor | American Pharmaceutical Partners (APP) |
| Founded | 1 January 2001 in Los Angeles, California, United States |
| Founder | Dr. Patrick Soon-Shiong |
| Defunct | 2010 |
| Fate | Acquired by Celgene Corporation |
| Successor | Celgene Corporation |
| Headquarters | Los Angeles , United States |
Area served | Worldwide |
Key people | Dr. Patrick Soon-Shiong (Founder) |
| Products | Abraxane (protein-based nanoparticle chemotherapy) |
Number of employees | 885 (2009) |
Abraxis BioScience was an international biopharmaceutical and nanomedicine firm focused on developing therapies for patients with severe illnesses. Established in 2001 by Dr. Patrick Soon-Shiong in Los Angeles, the company employed more than 2,000 individuals globally by 2007. Utilizing its exclusive nab Technology, Abraxis introduced the first protein-based nanoparticle chemotherapy agent worldwide, resulting in the development of Abraxane, a medication targeting metastatic breast cancer.
In 2009, the company generated revenues amounting to US$359 million but recorded operating and net losses of US$113 million and US$104 million, respectively. Its total assets were appraised at US$1.068 billion, with shareholders’ equity of US$846 million, supported by a staff of 885 employees.
Abraxis BioScience was purchased by Celgene Corporation in 2010, incorporating its pioneering oncology drug assets into Celgene’s cancer treatment portfolio.
History
Founded in 2001 in Los Angeles, Abraxis originated from American Pharmaceutical Partners (APP), known for manufacturing injectable products in oncology, anti-infectives, and critical care sectors. Beyond oncology, the company also offered treatments addressing multiple sclerosis, Alzheimer's, and select cardiovascular diseases. Its manufacturing operations were based in Melrose Park, Illinois and Phoenix, Arizona. In 2005, Dr. Patrick Soon-Shiong combined American BioScience with the publicly traded APP, rebranding the entity as Abraxis BioScience. Under this new identity, seventy-four clinical trials evaluated Abraxane across different cancer types. The FDA granted approval for Abraxane in 2005; however, the company faced patent litigation (Elan Pharma v. Abraxis BioScience), culminating in a $55.2 million settlement paid to Elan in 2008.
In August 2007, Abraxis declared a corporate restructuring plan to divide its "hospital-based products business" from its "proprietary products business" into two publicly traded companies: merging Abraxis Oncology with Abraxis Research to form a new Abraxis Bioscience (NASDAQ: ABII), while spinning off Abraxis Pharmaceutical Products (NASDAQ: APPX). This reorganization finalized in November 2007, during which time the newly formed firm was briefly referred to as New Abraxis.
Abraxis BioScience was acquired by Celgene Corporation in 2010. By at least 2016, the Abraxis name had ceased to exist as a distinct division within Celgene.
External links
- Defunct biotechnology companies of the United States
- Defunct pharmaceutical companies of the United States
- Biotechnology companies established in 2001
- Pharmaceutical companies established in 2001
- 2001 establishments in California
- Biotechnology companies disestablished in 2010
- Pharmaceutical companies disestablished in 2010
- 2010 disestablishments in California
- Health care companies based in California
- 2010 mergers and acquisitions
- Defunct technology companies based in New York City
- American companies disestablished in 2010
- American companies established in 2001