Celgene completes Abraxis BioScience purchase
Adds breast cancer drug Abraxane to portfolio
Celgene Corporation has completed its purchase of US biotechnology company Abraxis BioScience, which is developing cancer drugs.
The deal adds breast cancer drug Abraxane (nanoparticle albumin-bound paclitaxel) to Celgene’s portfolio of cancer products.
Abraxane will continue to be marketed and supplied in Australia and New Zealand by Specialised Therapeutics Australia (STA), despite the acquisition of Abraxis Bioscience, which is STA’s partner in the US.
Celgene will take responsibility for ongoing global clinical development of Abraxane into new indications.
Abraxane is approved for metastatic breast cancer in more than 40 countries including the US, Canada, EU, Japan and China.
In Australia, Abraxane has also been granted orphan drug designation by the Therapeutic Goods Administration for the treatment of pancreatic cancer. Additionally it is currently in Phase III trials for the treatment of non-small cell lung, malignant melanoma and metastatic pancreatic cancer.
Developed using Abraxis BioScience's proprietary nab technology, Abraxane is a nanoparticle protein-bound chemotherapy agent that combines paclitaxel with albumin, a naturally-occurring human protein, to deliver the drug and eliminate the need for solvents in the administration process.
Celgene’s chief executive Bob Hugin said: ‘We have now bolstered our solid tumour pipeline with a therapy that we believe has great potential in areas of unmet medical need.’