Abraxis BioScience split slated for completion Nov. 13

By Lisa Kerner

Charlotte, N.C., Nov. 8 - The separation of Abraxis BioScience, Inc. into two publicly traded companies will be effective Nov. 13, the record date for distribution of shares in the new Abraxis BioScience.

On Aug. 9, the Los Angeles-based biopharmaceutical company proposed separating its proprietary business - Abraxis Oncology and Abraxis Research - from its hospital-based business Abraxis Pharmaceutical Products.

The first company, the new Abraxis BioScience, Inc., will operate the proprietary business currently conducted by Abraxis Oncology and Abraxis Research.

APP Pharmaceuticals, Inc., the second company, will operate the hospital-based business currently conducted by Abraxis Pharmaceutical Products, according to a company news release.

The shares of new Abraxis BioScience common stock have been approved for listing on the Nasdaq Global Market under the symbol "ABII." APP Pharmaceuticals will trade on the Nasdaq Global Market under the symbol "APPX."

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