Celgene Corp. over the weekend closed its acquisition of West Los Angeles biotech Abraxis BioScience Inc.
The more than $2.9 billion cash-and-stock deal helps Celgene expand its array of cancer treatments. Abraxis developed Abraxane, a breast cancer therapy that Celgene, a Summit, N.J. biotech, hopes to eventually market to treat other kinds of cancer.
Abraxis shareholders approved the deal last week. The company’s founder and executive chairman, Dr. Patrick Soon-Shiong, controlled about 82 percent of shares either directly or through trusts. Institutional investors held much of the remaining shares.
Soon-Shiong in the sale added roughly $533 million to his net worth, which the Business Journal estimated at $7.1 billion prior the deal’s announcement in late June.
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