Proskauer, Jones Day Rep Celgene In $3B Abraxis Buy

Law360, New York (June 30, 2010, 1:37 PM EDT) -- Celgene Corp. said Wednesday that it had penned a deal to acquire biotechnology firm Abraxis BioScience Inc. for an upfront payment of $2.9 billion in cash, a move the company said was aimed at broadening its presence in the oncology arena.

Under the terms of the deal — which has already been given the stamp of approval by the boards of both companies — Celgene will fork over $58 a share and issue 0.2617 shares of Celgene common stock for each Abraxis share.

Los Angeles-based Abraxis...
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