Celgene to acquire Abraxis for $2.9 billion

Celgene Corp, producers of blood cancer drugs Thalomid and Revlimid, has agreed to acquire Abraxis BioScience for $2.9 billion in cash and stock.

Celgene Corp, producers of blood cancer drugs Thalomid and Revlimid, has agreed to acquire Abraxis BioScience for $2.9 billion in cash and stock.

The acquisition will provide Celgene with a new treatment in its oncology portfolio and an expected $1 billon per year increase in revenue by 2015. Abraxis's focal product, Abraxane, generated revenue of $314.5 million in 2009.

The acquisition is expected to close in the fourth quarter. Morgan Stanley is serving as financial adviser to Celgene, while Lazard Freres, Goldman Sachs, and BofA Merrill Lynch will serve as co-financial advisers to Abraxis.

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