Healthcare Industry News: taxane
News Release - January 25, 2006
Carlo Montagner to Be Named President of Abraxis Oncology Upon Completion of Merger of APP and ABIFormer Head of Schering A.G. Oncology Global Business and Sanofi-Aventis Oncology Will Lead ABRAXANE(R) Worldwide Commercialization Program Upon Completion of Merger
SCHAUMBURG, Ill. and SANTA MONICA, Calif., Jan. 25 (HSMN NewsFeed) -- American Pharmaceutical Partners, Inc., (APP) (Nasdaq: APPX ) and American BioScience Inc. (ABI) today announced that Carlo Montagner, who most recently served as executive vice president and global business unit head -- oncology for Schering A.G., has agreed to join Abraxis BioScience, Inc., as president of that company's proprietary operating division, Abraxis Oncology, following the creation of that company through the merger of APP with ABI. Pending completion of the merger, Mr. Montagner will serve as president of American BioScience's commercial development division to lead the worldwide commercialization efforts for ABRAXANE.
In November 2005, APP announced the signing of a definitive merger agreement with ABI to create Abraxis BioScience, Inc., a fully integrated, global biopharmaceutical company. The transaction is expected to close in the first half of 2006. As part of this transaction, the combined company will have worldwide marketing rights to the proprietary drug ABRAXANEŽ (paclitaxel protein-bound particles for injectable suspension) (albumin-bound), the global commercialization of which will be managed by the new company's proprietary operating division, Abraxis Oncology.
"ABI has built a world class research and development, clinical trial management and regulatory team. With the successful development and launch of ABRAXANE in the U.S., the company now is positioned to establish an equally first-rate global commercialization team. We are extremely pleased to have recruited such a high caliber executive to the senior leadership of the company," said Patrick Soon-Shiong, M.D., chairman and CEO of ABI and APP. "Carlo's extensive experience and success in heading global oncology businesses for blockbuster chemotherapeutic products such as TaxotereŽ will be invaluable."
Mr. Montagner said, "I am thrilled to participate in the growth of this novel and revolutionary chemotherapeutic and to join a company that is driven to making a difference in oncology and the lives of cancer patients around the world. ABRAXANE represents a remarkable opportunity to become the global standard in taxane therapy and together with the company's deep oncology pipeline I believe ABI is well positioned to become one of the world's leading oncology companies."
As executive vice president and global business unit head -- oncology for Schering A.G., Mr. Montagner had global commercial, clinical development and business development responsibility. Previously, he served for thirteen years with Sanofi-Aventis and its predecessor companies, Aventis and Rhone-Poulenc Rorer, where in his most recent position as head of the oncology and specialty cardiovascular business unit, he oversaw a team of 350 employees, including the sales force, marketing and medical affairs teams. Earlier, at Aventis and Rhone-Poulenc Rorer he held senior management positions with a variety of responsibilities related to TaxotereŽ, including the business performance in seven key markets (USA, Japan, France, Germany, Spain, Italy and the U.K.), overall global brand and product positioning and pricing strategies. During his tenure with the taxanes portfolio, Taxotere achieved global sales in excess of $1.5 billion.
A Sydney, Australia native, Mr. Montagner earned a masters degree of applied science in psychology at the Royal Melbourne Institute of Technology and a bachelor of science degree in behavioral sciences from La Trobe University in Australia.
ABI and APP recently announced the appointment of Barry Flannely to focus on the global initiatives for ABRAXANE, for which ABI has worldwide marketing rights. Mr. Flannelly has at this time joined ABI as global vice president sales and marketing and will report directly to Mr. Montagner. Mr. Flannelly will become global vice president sales and marketing of Abraxis Oncology upon completion of the merger of ABI and APP.
About American BioScience, Inc.
American BioScience, Inc. is a privately held biotechnology company focused on the discovery, development and delivery of next-generation therapeutics including biologically active molecules already existing within the human biological system, for the treatment of life-threatening diseases. ABI owns a majority interest in American Pharmaceutical Partners, Inc.
About American Pharmaceutical Partners, Inc.
American Pharmaceutical Partners, Inc. is a specialty drug company that develops, manufactures and markets injectable pharmaceutical products, focusing on the oncology, anti-infective and critical care markets. Abraxis Oncology, the proprietary division of APP, is devoted entirely to developing and promoting innovative, next-generation cancer therapies such as ABRAXANEŽ, recently launched for the treatment of metastatic breast cancer. For more information, visit APP's website at www.appdrugs.com and www.abraxisoncology.com.
Forward-looking statements in this document include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements regarding the expected time of completion of the merger and the benefits of the merger, including the creation of an integrated, global biopharmaceutical leader. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, unexpected delays in consummation of the merger, if at all, adverse market reactions to the proposed merger, failure of the benefits of the merger to materialize, difficulties in integrating the businesses and operations of the two companies, difficulties or delays in developing, testing, obtaining regulatory approval of, and producing and marketing any other products, including those in ABI's pipeline, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing, the availability and pricing of ingredients used in the manufacture of pharmaceutical products, the ability to successfully manufacture products in a time-sensitive and cost effective manner, the acceptance and demand of new pharmaceutical products, the impact of patents and other proprietary rights held by competitors and other third parties. Relevant information concerning risks can be found in APP's Form 10-K for the year ended December 31, 2004 and other documents filed with the Securities and Exchange Commission.
TaxotereŽ is a registered trademark of Sanofi-Aventis SA.
Source: American Pharmaceutical Partners
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