Abraxis BioScience Confirms Plan to Spin-off Abraxis H
2010 and Announces Management Structure
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Clinical Program and Proprietary nab® Technology Platform
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January 28, 2010 08:08 AM Eastern Time
LOS ANGELES--(EON: Enhanced Online News)--Abraxis BioScience, Inc. (NASDAQ:ABII), an integrated, global biopharmac
today confirmed that it intends to spin-off the Abraxis Health division this year.
“By spinning off Abraxis Health as an independent, stand-alone company, we believe we will enhance the intrinsic value of both co
allowing each company to pursue its differing drug development and commercialization strategies,” said Patrick Soon-Shiong, M.D.
Chairman of Abraxis BioScience. “We also believe the spin-off will facilitate each company pursuing the most attractive long-term g
opportunities and business strategies, thereby maximizing shareholder value.”
Concurrently, Abraxis BioScience announced that Bruce J. Wendel has been appointed Vice Chairman of the board of directors an
Officer. Mr. Wendel succeeds Lonnie Moulder, who is leaving the company to pursue other opportunities. Dr. Soon-Shiong will co
Executive Chairman of Abraxis BioScience. Following the spin-off, it is expected that Dr. Soon-Shiong will continue to serve as Ex
of Abraxis BioScience and as Chief Executive Officer and Chairman of Abraxis Health. Mr. Wendel is anticipated to continue to se
Executive Officer of Abraxis BioScience following the spin-off.
Commenting on the appointment of Mr. Wendel, Dr. Soon-Shiong stated, “Bruce Wendel is an exemplary leader and seasoned ph
executive. He served in senior management positions at Bristol-Myers Squibb for fourteen years and worked for over twenty years
development and commercialization. His general management, leadership and significant corporate development expertise, coupled