Under the terms of the agreement, Abraxis will lease the chemical raw material plant back to Pfizer to continue the manufacturing of Pfizer's celecoxib, the active ingredient of Celebrex®.
This fully-equipped facility adds to Abraxis' considerable manufacturing capacity in Melrose Park, Illinois, Grand Island, New York, and Barbengo, Switzerland and expands its European and cGMP manufacturing capabilities to provide infrastructure for worldwide growth.
Abraxis is now positioned to be one of the broadest injectable manufacturers of sterile injectable pharmaceuticals in the industry with the ability to manufacture products in diverse dosage forms such as vials, bag-fill, pre-filled syringe, lyophilized, powder-fill, liquid-fill (aseptically filled and terminally sterilized) and metered dose inhalers for both the U.S. and European markets. Combined with the world's only protein based nanoparticle GMP manufacturing facility and the ability to vertically integrate into raw material manufacture, the company is now positioned to leverage this broad capability for global expansion of its product line.
"We have implemented a strategic plan to grow Abraxis BioScience into a global, fully integrated biopharmaceutical company with worldwide capabilities in drug development, manufacturing and marketing. The acquisition of a state-of-the-art raw material and finished dosage plant from Pfizer is the first step in implementing this plan," said Patrick Soon-Shiong, M.D., chief executive officer and executive chairman of Abraxis. "We are very excited about this expansion into Puerto Rico. It is well known for its quality manufacturing talent and has an excellent reputation for working closely with businesses."
About Abraxis BioScience, Inc.
Abraxis BioScience, Inc. is an integrated global biopharmaceutical company dedicated to meeting the needs of critically ill patients. The company develops, manufactures and markets one the broadest portfolios of injectable products and leverages revolutionary technology such as its nab(TM) platform to discover and deliver breakthrough therapeutics that transform the treatment of cancer and other life-threatening diseases. The first FDA approved product to use this nab platform, ABRAXANE®, was launched in 2005 for the treatment of metastatic breast cancer. Abraxis trades on the Nasdaq National Market under the symbol ABBI. For more information about the company and its products, please visit www.abraxisbio.com.
FORWARD-LOOKING STATEMENT
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements regarding product and global expansion of Abraxis BioScience. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the adverse impact of production delays on the sales and marketing of the combined company's products, the research and development associated with the nab(TM) technology platform, the continued market adoption and demand of ABRAXANE in North America and its potential market penetration outside of the U.S., difficulties or delays in developing, testing, obtaining regulatory approval of, and producing and marketing any other products, including those in the pipeline, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing, the availability and pricing of ingredients used in the manufacture of pharmaceutical products, the ability to successfully manufacture products in a time-sensitive and cost effective manner, the acceptance and demand of new pharmaceutical products, the impact of patents and other proprietary rights held by competitors and other third parties. Additional relevant information concerning risks can be found in Abraxis BioScience's Form 10-K for the year ended December 31, 2005 and other documents it has filed with the Securities and Exchange Commission.
Celebrex® is a registered trademark of Pfizer.
Contact: Abraxis BioScience Christine Cassiano, 310-826-5102 or Pfizer Inc. Jorge Gonzalez Monclova, 787-654 2107 (Puerto Rico) Bryant Haskins, 212-733-8719 (New York)
Source: Abraxis BioScience, Inc.
