Abraxis to buy Puerto Rico unit from Pfizer
Los Angeles, USA-based Abraxis BioScience says it has entered into a definitive agreement to purchse drug giant Pfizer's Cruce Davila manufacturing facility in Barceloneta, Puerto Rico. Financial terms were not disclosed.
This facility, which is expected to employ around 400-500 people when fully-operational, will provide a third manufacturing site using the company's proprietary nanoparticle albumin-bound (nab) technology to produce chemotherapeutics such as Abraxane (paclitaxel protein-bound particles for injectable suspension; albumin-bound), which Abraxis says is the first commercial product based on this technology.
Under the terms of the deal, Abraxis will lease the chemical raw material plant back to Pfizer to continue the manufacturing of the drug major's celecoxib, the active ingredient of its COX-2 inhibitor Celebrex.
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