Abraxis BiosScience has successfully completed the purchase of AstraZeneca's US branded anaesthetic and analgesic portfolio.
The range of products inherited by Abraxis comprises more than 100 dosage forms, including anaesthetics like Diprivan and Naropin. The total cost of the purchase has come to $334 million (182.4 million pounds) and AstraZeneca will supply Abraxis the drugs for the next five years for the US market.
AstraZeneca has also given Abraxis first preference should it decide to divest its anaesthetic and analgesic portfolio outside of the US. Furthermore, Abraxis will be a preferred partner of AstraZeneca's to consider "certain proprietary injectable products".
Patrick Soon-Shiong, chief executive officer and chairman of the board, stated: "This acquisition of these products significantly enhances our market-leading injectable drug portfolio and underscores our on-going commitment to provide a broad range of both multi-source and branded injectables to hospitals, clinics, and ultimately the patients they treat."
Diprivan brought in $34 million in US sales for AstraZeneca during the last quarter - while $24 million was raised in sales of local anaesthetics.
AstraZeneca and Abraxis will launch a co-promotion of Abraxane, a breast cancer therapy, from July 1st this year. Abraxis says AstraZeneca will help to "greatly increase the share of voice for the product by doubling the sales force and promotional investment".See all the latest jobs in Pharmaceutical