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Flinn Foundation

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How Abraxis sale might impact Phoenix bioindustry

Tags: cancer

[Source: Phoenix Business Journal] - Abraxis BioScience Inc., a Los Angeles company that opened a biopharmaceutical manufacturing plant in Phoenix last year, is being sold to Celgene Corp. for $2.9 billion, but it is unclear what that means for the local bioindustry.

Dr. Patrick Soon-Shiong, Abraxis founder and chairman who also has a major role in the new Phoenix nonprofit Health Transformation Institute, could not be reached for comment.

Soon-Shiong will get $2 billion from the sale, based on his ownership of 33 million shares, or 80 percent of the company. The sale will give him more time and money to invest in his pursuit of personalized medicine, one of the areas of focus of HTI.

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