LOS ANGELES--(BUSINESS WIRE)--Abraxis BioScience, Inc. (NASDAQ:ABII) today announced that its proprietary biotechnology business has been successfully spun-off from APP Pharmaceuticals, Inc. (NASDAQ:APPX) and will now operate as the new Abraxis BioScience. As part of this tax-free transaction, the new Abraxis BioScience has received cash proceeds of approximately $700 million. The number of outstanding shares in the new Abraxis will be approximately 40 million shares. The new Abraxis BioScience will be headquartered in Los Angeles, California and now trades on the Nasdaq Global Market under the symbol “ABII.”
