Healthcare Industry News: Biocon
News Release - February 14, 2006
American Pharmaceutical Partners and American BioScience Announce Senior Management Team of Abraxis BioSciencePending Completion of the Merger, the New Team Will Oversee the Fully Integrated, Global Biopharmaceutical Company
SCHAUMBURG, Ill. and SANTA MONICA, Calif., Feb. 14 (HSMN NewsFeed) -- American Pharmaceutical Partners, Inc. (Nasdaq: APPX ) and American BioScience, Inc. (ABI) today announced the full senior management team of Abraxis BioScience and its operating divisions. In November 2005, APP announced the signing of a definitive merger agreement with ABI to create Abraxis BioScience, a fully integrated, global biopharmaceutical company. The transaction is expected to close in the first half of 2006. Abraxis BioScience is expected to be organized along four operating divisions following the merger: American Pharmaceutical Partners, Abraxis Oncology, Abraxis Research and Abraxis BioCapital.
Patrick Soon-Shiong, M.D., chairman and chief executive officer of APP and ABI, will serve as chairman and chief executive officer of the combined entity. The board expects to name Nicole S. Williams and Anthony E. Maida, III as division presidents of American Pharmaceutical Partners and Abraxis BioCapital, respectively. It was previously announced that Carlo Montagner would serve as president of Abraxis Oncology. It is also anticipated that the board of directors for Abraxis BioScience will include current board members Dr. Soon-Shiong, David S. Chen, Ph.D., Stephen D. Nimer, M.D., Leonard Shapiro and Kirk K. Calhoun. In addition, Sir Richard Sykes, former chairman and chief executive officer of Glaxo Wellcome plc and chairman of GlaxoSmithKline plc, has agreed to join the board of directors following the completion of the merger.
"We are extremely pleased to have brought together a leadership team with extensive breadth of experience and accomplishments in the pharmaceutical and biotechnology industries," said Dr. Soon-Shiong. "This stellar team is eminently qualified to help steer our organization to continued success with a world class R&D team, deep pipeline of products, novel proprietary product platform, experienced clinical development and regulatory affairs group, a global manufacturing infrastructure, burgeoning sales and marketing team, and extensive distribution capabilities."
Nicole S. Williams is expected to become president of American Pharmaceutical Partners, which will focus on multi-source injectable products. Ms. Williams is also expected to become chief financial officer of Abraxis BioScience. Abraxis Oncology, expected to be led by Carlo Montagner, will focus on the global commercialization of ABRAXANEŽ (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) as well as any future oncology products Abraxis BioScience may develop. Abraxis Research will be overseen by Dr. Soon-Shiong and will focus on leveraging the proprietary nab(TM) (nanoparticle albumin bound) platform technology and the discovery and development of the product pipeline for both APP and the Abraxis Oncology divisions. Anthony E. Maida, III is expected to become president of Abraxis BioCapital. That division will focus on pursuing strategic collaborations of early-stage technologies from academia and start-up biotechnology companies through in-licensing or acquisitions to leverage the manufacturing, clinical trial and regulatory capabilities of Abraxis BioScience.
Ms. Williams has been chief financial officer of APP since August 2002 and has more than 30 years of financial management experience. Prior to joining APP, she was president of The Nicklin Capital Group as an advisor and investor in early-stage businesses. From 1992 to 1999, she served as executive vice president, finance, and corporate secretary for R.P. Scherer Corporation, a world-leading publicly traded drug delivery company with revenues exceeding $700 million, which was acquired by Cardinal Health, Inc., in 1998. Earlier, Ms. Williams served as executive vice president -- worldwide operations, chief financial officer and director of SPSS, Inc., a producer of statistical software used by businesses to analyze marketing, customer and operational data. Prior to that, she held various financial positions in several manufacturing companies in the Chicago area. Ms. Williams is a member of the board of directors of Orchid BioSciences, Inc. and Arryx, Inc. She earned a master of business administration degree from the University of Chicago, and holds graduate and undergraduate degrees in political science and economics from the University of Geneva in Switzerland.
Mr. Maida, an executive with extensive experience in management, finance, strategic planning, product and clinical development, most recently served as the chairman of Dendri Therapeutics, Inc., a company focused on the clinical development of therapeutic cancer vaccines. He currently serves as chairman, founder and director of Bioconsul Drug Development Corporation, a consulting firm servicing biopharmaceutical companies in the clinical development of oncology products and product acquisitions. Formerly, he was president and CEO of Replicon Neuro Therapeutics, Inc., a biopharmaceutical company focused on the therapy of patients with tumors. Previously, he served as interim chief executive officer of Trellis Bioscience, Inc. and CancerVax Corporation, president and chief executive officer of Jenner Biotherapeutics, Inc. and president and chief executive officer of CellPath, Inc.
Mr. Maida serves on the advisory boards of several biotechnology companies such as EndPoint BioCapital, Sdn Bhd, Innovera Life Science Fund and as a consultant and technical analyst for North Sound Capital and vFinance. Recently, he was elected to the board of directors of Spectrum Pharmaceuticals, Inc. Mr. Maida earned a master of arts degree in toxicology from San Jose State University, a master of business administration degree from the University of Santa Clara, and bachelor of arts degrees from San Jose State University and the University of Santa Clara. He is currently working toward a doctorate degree in tumor immunology from the University of California, Davis.
Mr. Montagner most recently served as executive vice president and global business unit head -- oncology for Schering A.G., where he 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.
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 for Injectable Suspension (paclitaxel protein-bound particles for injectable suspension) (albumin-bound). 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 by us with the Securities and Exchange Commission.
Taxotere is a registered trademark of Sanofi-Aventis SA.
Source: American Pharmaceutical Partners
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