January 20, 2009 / 2:09 PM / 10 years ago

UPDATE 1-Abraxis BioScience to spin off unit

Jan 20 (Reuters) - Biotechnology company Abraxis BioScience Inc ABII.O said its board approved a plan to spin off Abraxis Health Inc.

While Abraxis Health will focus on biomarkers and personalized medicine, Abraxis BioScience will continue to develop its Abraxane franchise and will conduct several trials for the drug in different tumours, the company said.

Abraxane is currently approved as a treatment for breast cancer and Abraxis reported $245.8 million in Abraxane revenue for the nine months ended Sept. 30.

In connection with the spin-off, Abraxis Health will obtain the assets and liabilities constituting the drug discovery, pilot manufacturing and development operations currently being conducted through Abraxis BioScience.

Abraxis was spun-off from APP Pharmaceuticals Inc in November 2007.

Shares of Abraxis closed at $70.18 Friday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Anil D’Silva)

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