Abraxis BioScience Acquired For $2.9 Billion

Los Angeles-based Abraxis BioScience, a developer of cancer treatments, is being acquired by Celegene Corporation in a deal worth $2.9 billion. According to Celegene, it will pay $58.00 in cash and 0.2617 shares of its common stock for Abraxis, in addition to payments tied to future regulatory milestones and commercial royalties. Celegene said the acquisition will accelerate its strategy to become a global leader in oncology. Celegene said it expects the acquisition to add approximately $1 billion in revenues in 2015.