Abraxis completes purchase of AstraZeneca brands

Los Angeles, US-based Abraxis BioScience says that it has completed its acquisition of the AstraZeneca US branded anesthetic and analgesic injectable product portfolios of Anglo-Swedish drug major AstraZeneca (Marketletter May 8).

Abraxis will have agreements with most major Group Purchasing Organizations, representing the majority of US hospitals, and will assume responsibility for over 700 individual contracts for this portfolio of drugs. Products in this acquisition encompass over 100 dosage forms and include the leading branded anesthetic agents Diprivan (propofol) and Naropin (ropivacaine), as well as a comprehensive suite of local anesthetics including EMLA Cream (eutectic mixture of lidocaine and prilocaine), Xylocaine (lidocaine), Polocaine (mepivacaine), Nesacaine (chloroprocaine HCl Injection, USP), Sensorcaine (bupivacaine) and Astramorph (morphine sulfate injection, USP).

Under the final terms of the agreement, Abraxis has acquired these products for a total cash consideration of $334.0 million. It paid AstraZeneca $259.0 million at the close, with a further $75.0 million due on the first anniversary of the deal. AstraZeneca will exclusively supply to Abraxis these products for an initial term of five years for the US market.