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Abraxis was acquired by Celgene in 2010. Abraxane is the brand name for the nanoparticle chemotherapeutic compound developed by Abraxis using its proprietary tumor targeting nanoparticle albumin-bound (nab) technology to treat metastatic breast cancer.
In 2005 Abraxis became the first nanodrug approved by the FDA. Generic forms of this drug are called Nab-paclitaxel and along with breast cancer the chemotherapy drug is also used to treat pancreatic cancer and non small cell lung cancer.
Paclitaxel inhibits cell mitosis which prevents cells from multiplying but its hydrophobic nature meant that toxic solvents were needed to deliver the treatment. Linking the drug to albumin, which is carried in the blood, allows it to be delivered without solvents so that higher doses are tolerated.Tumors are effectively targeted due to their affinity for albumin.
Other clinical products being developed use nanotechnology to treat cancers, coronary restenosis and peripheral artery restenosis.
On June 30, 2010 Abraxis BioScience made an agreement to be acquired by the biotechnology company Celgene for $2.9 billion dollars at an implied price of $71.93 per share of Abrixis BioScience stock.
