As reported by the Associated Press, the multinational biopharmaceutical company, Celgene has announced that it is planning to buy the biotechnology company Abraxis BioScience for $2.9billion. The acquisition marks a move by Celgene to boost their presence in oncology.
Abraxis’ cancer drug, Abraxane, is a chemotherapy treatment approved for use in metastic breast cancer. It uses a human protein called albumin, to deliver the chemotherapy, as opposed to other chemography drugs that use chemical solvents, thus eliminating the need for premedication with steroids or antihistamines for hypersensitivity reactions that are caused by chemical solvents. If Abraxane is approved for those other uses, the value of the deal could rise by as much as $3.55 billion.