Abraxis seeks to reacquire US Abraxane marketing rights from AZ

USA-based Abraxis BioScience has entered into an agreement with Anglo-Swedish drug major AstraZeneca, under which, subject to approval by the board of directors of Abraxis, the company would re-acquire the exclusive rights to market Abraxane (paclitaxel protein-bound particles for injectable suspension) in the USA. Company chief executive Patrick Soon-Shiong said pivotal trials of the agent in several new indications are scheduled to begin next year. The drug is currently approved as a treatment for metastatic breast cancer. The board of Abraxis' parent company is still considering the move, but if it decides to go ahead it will have to pay AZ a $268.0-million fee on March 31, 2009. If board approval is, not obtained then the co-promotion agreement between the two companies will remain in place but with an amended commission to AZ of 50%.