Thursday, Abraxis BioScience, Inc. (ABII) confirmed that it intends to spin-off the Abraxis Health division this year. The company also announced the appointment Bruce Wendel as the new Chief Executive Officer and revealed the new top management structure.
The company expressed the hope that by spinning off Abraxis Health as an independent, stand-alone company, it will enhance the intrinsic value of both companies by allowing each company to pursue its differing drug development and commercialization strategies and thereby achieve the long-term growth opportunities and business strategies.
On the restructure front, Abraxis BioScience announced that Bruce Wendel has been appointed Vice Chairman of the board and CEO. Wendel succeeds Lonnie Moulder, who is leaving the company to pursue other opportunities.
Bruce Wendel has served as a member of the board of directors of Abraxis BioScience since December 2009 and as Executive Vice President of Corporate Operations and Development since the separation of APP Pharmaceuticals and Abraxis BioScience. Prior to that Wendel served as Executive Vice President of Corporate Development at Abraxis BioScience.
Following the spin-off, it is expected that Soon-Shiong will continue to serve as Executive Chairman of Abraxis BioScience and as Chief Executive Officer and Chairman of Abraxis Health. Wendel is expected to continue to serve as Chief Executive Officer of Abraxis BioScience following the spin-off.
Abraxis BioScience also announced the appointment of two additional senior members of the Abraxis Health leadership team - Mitchell Fogelman and Sanjay Gupta. Fogelman joined Abraxis BioScience last year as Senior Vice president of Finance. He will serve as the principal financial officer of the Abraxis Health division and is expected to serve as the Chief Financial Officer of Abraxis Health following the spin-off. Prior to joining Abraxis BioScience, Fogelman served as Senior Vice President of Finance, CFO and Treasurer of CytRx Corp., a biopharmaceutical research and development company.
Sanjay Gupta will be joining the organization as a senior executive from Intel and the Dossia Consortium, a consortium of top U.S. companies dedicated to empowering individuals to improve health and healthcare.
ABII is traded at $41.48 up $0.12 or 0.29% on the Nasdaq.
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