Celgene finalises takeover of Abraxis BioScience

Celgene has announced the completion of its deal to acquire Abraxis BioScience, a move which will improve the company's positioning in the oncology sector.

The firm has purchased all shares of common stock in its new subsidiary, with Abraxis having ceased trading as an independent business as of October 15th 2010.

This transaction sees Celgene take control of Abraxane, an injectable suspension-based treatment that has already been approved by the US Food and Drug Administration as a therapy for metastatic breast cancer.

It is also currently under investigation as a potential treatment for lung, pancreatic and gastric cancer, as well as malignant melanoma.

Bob Hugin, chief executive officer of Celgene, said: "We have now bolstered our solid tumour pipeline with a therapy that we believe has great potential in areas of significant unmet medical need."

According to the firm's most recent financial report in July 2010, the company experienced an "outstanding" performance in the second quarter of the year, with revenues increasing by 36 percent compared to Q2 2009.