Summary Box: Celgene to buy Abraxis for $2.9B

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Associated Press

Posted on June 30, 2010 at 3:01 PM

THE DEAL: Celgene Corp. is buying Abraxis BioScience Inc. for $2.9 billion in a deal that gives it Abraxis' only approved product, the breast cancer treatment Abraxane.

SALES BOOST: Celgene, which makes cancer drugs Revlimid, Vidaza and Thalomid, believes the purchase will add about $1 billion to its annual revenue in 2015.

NEW INDICATIONS: Abraxane is approved in 39 countries and is being tested as a treatment for lung and pancreatic cancer, and melanoma, a type of skin cancer.

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