SCHAUMBURG, Ill. and SANTA MONICA, Calif., Dec. 20 /PRNewswire-FirstCall/ -- American Pharmaceutical Partners, Inc. (APP), and American BioScience, Inc. (ABI) today announced that Sir Richard Sykes, former Chairman and Chief Executive Officer of Glaxo Wellcome plc and Chairman of the Board of GlaxoSmithKline plc, has agreed to join the Board of Directors of Abraxis BioScience, Inc. following the consummation of the proposed merger between APP and ABI (APP will be renamed Abraxis BioScience following the merger). Sir Richard currently serves as Rector of the largest applied science and technology university in the United Kingdom, the Imperial College of Science, Technology and Medicine at the University London.
In November, APP and ABI announced the signing of a definitive merger agreement which will merge the companies to create Abraxis BioScience, a fully integrated, global biopharmaceutical company. The transaction is expected to close in the first half of 2006. The Abraxis BioScience board will consist of a majority of independent directors, including current APP board members.
Patrick Soon-Shiong, M.D., chairman and CEO of APP, ABI and Abraxis BioScience said Sir Richard is an important addition to the Abraxis BioScience Board. "Our goal in assembling the new Abraxis BioScience Board is to bring together directors who will bring vision, experience and expertise to guide management as Abraxis BioScience evolves into a global biotechnology company pursuing therapies for true unmet medical needs," he said. "Sir Richard's international stature and experience in building a world-class company in GlaxoSmithKline and his ongoing involvement with institutions committed to the pursuit of breakthrough, next generation technologies will be invaluable to our company. We are thrilled and honored to have him join our board."
Sir Richard Sykes stated, "The science that Patrick and his team are pursuing in oncology, nanotechnology and tumor secreted proteins such as SPARC could very well change the way cancer and other diseases are treated. The results they have achieved to date are both impressive and exciting. The combination of APP and ABI has created an infrastructure with all the ingredients necessary to be an integrated leading biopharmaceutical organization developing important therapies in oncology and critical care. Over the next two decades, technological advances will lead to a whole range of new ways of managing diseases from diagnosis to cure. I believe that the structure of our industry will have to adapt if we are to fully recognize the potential of the new technologies and I am pleased to have been asked to contribute to this effort."
Sir Richard was appointed Deputy Chairman and Chief Executive of Glaxo in March 1993. He led Glaxo's acquistion of Wellcome in 1995 and was a principal architect of Glaxo Wellcome's merger with SmithKline Beecham to form GlaxoSmithKline at the end of 2000. He stood down as Chairman of GlaxoSmithKline plc in May 2002 to continue his role as Rector of Imperial College London.
Sir Richard initially joined Glaxo Research Limited in 1972 as Head of the Antibiotic Research Unit. In 1979, he became Director of Microbiology and an Associate Director of The Squibb Institute for Medical Research, Princeton, New Jersey. He served as Vice President, Infectious and Metabolic Diseases there from 1983 to 1986. Sir Richard again joined Glaxo in the UK as Deputy Chief Executive of Glaxo Group Research Ltd and was appointed Group Research and Development Director, Glaxo plc and Chairman & Chief Executive of Glaxo Group Research Limited in 1987. He was named Deputy Chairman & Chief Executive of Glaxo plc in March 1993 and Chairman & Chief Executive of Glaxo Wellcome plc in May 1997.
Sir Richard received his knighthood in the 1994 New Year Honours list for services to the pharmaceutical industry. He sits on a number of government and scientific committees and is a Trustee of the Natural History Museum in London. Sir Richard was appointed Chairman of the Bioscience Leadership Council in November 2003. Sir Richard has recently accepted the role of Chair of the WHO International Advisory Board which oversees the International Clinical Trials Registry Platform. He is currently Chairman of the Biomedical Sciences International Council, Singapore, and a board member of Rio Tinto Limited and the Lonza Group Limited. He also serves as healthcare advisor to Apax Partners Limited.
He served as President of the British Association for the Advancement of Science, 1998-1999, and holds a number of honorary degrees and awards from institutions both in the UK and overseas. He is a Fellow of the Royal Society, an Honorary Fellow of the Royal Society of Chemistry and a Fellow of the Academy of Medical Sciences. He is a Fellow of Imperial College School of Medicine, King's College, London, a Fleming Fellow at Lincoln College, Oxford, an Honorary Fellow of the Royal College of Physicians, an Honorary Fellow of the University of Wales, Cardiff and an Honorary Fellow of the University of Central Lancashire. Sir Richard was awarded a PhD in Microbial Biochemistry from Bristol University and a DSc from the University of London.
About American BioScience, Inc.
American BioScience, Inc. is a privately held biotechnology company focused on the discovery, development and delivery of next-generation therapeutics including biologically active molecules already existing within the human biological system, for the treatment of life-threatening diseases. ABI owns a majority interest in American Pharmaceutical Partners, Inc.
About American Pharmaceutical Partners, Inc.
American Pharmaceutical Partners, Inc. is a specialty drug company that develops, manufactures and markets injectable pharmaceutical products, focusing on the oncology, anti-infective and critical care markets. Abraxis Oncology, the proprietary division of APP, is devoted entirely to developing and promoting innovative, next-generation cancer therapies such as ABRAXANE(R), recently launched for the treatment of metastatic breast cancer. For more information, visit APP's website at www.appdrugs.com and www.abraxisoncology.com.
Forward-looking statements in this document include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements regarding the expected time of completion of the merger and the benefits of the merger, including the creation of an integrated, global biopharmaceutical leader and Sir Richard Sykes joining the board of the combined company. 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, unexpected delays in consummation of the merger, if at all, adverse market reactions to the proposed merger, failure of the benefits of the merger to materialize, difficulties in integrating the businesses and operations of the two companies, and the fact that Sir Richard Skyes is not obligated to join the board of the combined company. Relevant information concerning risks can be found in APP's Form 10-K for the year ended December 31, 2004 and other documents filed by us with the Securities and Exchange Commission.
Contacts: American Pharmaceutical Partners, Inc. Nicole Williams Executive Vice President & CFO (847) 969-2700 PondelWilkinson Inc. Rob Whetstone/Robert Jaffe (310) 279-5963
American Pharmaceutical Partners, Inc.CONTACT: Nicole Williams, Executive Vice President & CFO of AmericanPharmaceutical Partners, Inc., +1-847-969-2700; or Rob Whetstone or RobertJaffe, both of PondelWilkinson Inc., +1-310-279-5963, for AmericanPharmaceutical Partners, Inc.
