APP and American Biosci complete merger to form Abraxis

American Pharmaceutical Partners, a specialty injectable pharmaceutical company, and its parent company American BioScience, a biotechnology firm, has announced that the merger between them has been completed. The combined group is named Abraxis BioScience and its common stock will trade on the Nasdaq National Market from April 19 under the new ticker symbol ABBI.

Abraxis believes it is well-positioned to build long-term value with sustainable high growth by capitalizing on the strong financial position of the injectables business and the significant global potential of Abraxane for Injectable Suspension (paclitaxel protein-bound particles for injectable suspension; albumin-bound) as well as robust clinical programs.

According to the merged firm, the move has created an integrated, global biopharmaceutical company focused on the needs of critically-ill patients and its injectable products division will be renamed Abraxis Pharmaceutical Products.