AstraZeneca Provides Update on Agreement with Abraxis Biosciences for Co-Promotion of Abraxane in the US
On 19 November 2008, AstraZeneca entered into an agreement with Abraxis BioScience, LLC, under which, subject to the satisfaction of terms and conditions thereof, Abraxis would re-acquire exclusive rights to market ABRAXANE in the United States.
Under the agreement, the board of Abraxis’ parent will consider ending the Co-Promotion Agreement between 1 January and 5 January 2009, and if board approval is procured, the end of the Co-Promotion Agreement will be effective on the date of AstraZeneca’s timely receipt of notice of such board approval. If board approval is obtained, Abraxis will pay AstraZeneca a $268 million fee on 31 March 2009. If board approval is not obtained, then the Co-Promotion Agreement will continue with an amended commission to AstraZeneca of 50%.
AstraZeneca will continue to promote ABRAXANE until AstraZeneca receives timely confirmation that the board of directors of Abraxis’ parent has approved ending the Co-Promotion Agreement.
AstraZeneca is a major international healthcare business engaged in research, development, manufacturing and marketing of prescription pharmaceuticals and supplier for healthcare services. AstraZeneca is one of the world’s leading pharmaceutical companies with healthcare sales of US $29.55 billion and is a leader in gastrointestinal, cardiovascular, neuroscience, respiratory, oncology and infection product sales. AstraZeneca is listed in the Dow Jones Sustainability Index (Global) as well as the FTSE4Good Index. For more Information visit www.astrazeneca.com
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