Abraxis’ billionaire chief is adding to his blockbuster bank account

Dr. Patrick Soon-Shiong has been involved in his share of controversies over the years, but none of them have done anything to reduce his net worth. Already worth $4 billion following the sale of APP Pharmaceuticals, the son of Chinese refugees is getting a big bump from the $2.9 billion sale of Abraxis to Celgene. He owns 82 percent of the company, which is primarily devoted to selling the cancer drug Abraxane while working on new approvals for additional indications. "He's done some things...

Celgene strikes $2.9B deal to acquire Abraxis

With an eye to burnishing its oncology rep and its already sizable revenue, Celgene has struck a deal to buy Abraxis BioScience for cash and stock totaling $2.9 billion. The buyout gives Celgene control of Abraxane, now approved for breast cancer treatment, along with its discovery platform and a pipeline of experimental therapies. In exchange for every share of Abraxis, Celgene will pay $58 a share in cash and 0.2617 of a share of Celgene. That values Abraxis' shares at $71.93, a 17...