ABII » Topics » (12) Subsequent Events

These excerpts taken from the ABII 10-K filed Mar 12, 2010.

Subsequent Events

We have evaluated subsequent events through the date of issuance of our financial statements in this Form 10-K.

18. Subsequent Events

In January 2010, we acquired a 100% ownership interest in a Maryland-based diagnostics company for $5.0 million, plus the assumption of certain liabilities and future contingent payments. The acquisition will be accounted for as a business combination and the acquired company’s results of operations will be consolidated in our financial statements from the date of acquisition.

This excerpt taken from the ABII 10-Q filed May 8, 2009.

(12) Subsequent Events

Stock Repurchase Program

On April 20, 2009, we announced that our board of directors authorized a program to repurchase up to $100 million of the company’s common stock. Share repurchases, if any, will be funded by internal cash resources and will be made through open market purchases. The timing, volume and nature of share repurchases are subject to market prices and conditions, applicable securities laws and other factors, and are at the discretion of management. Share repurchases may be commenced, suspended or discontinued at any time without prior notice.

Property Purchase

On April 24, 2009, we completed the purchase of certain real property in Costa Mesa, California for an aggregate purchase price of $30.5 million. The acquisition included a 15 acre site with an approximately 180,000 square foot three-story building, including approximately 70,000 square feet of laboratory space.

 

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Table of Contents
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This excerpt taken from the ABII 10-K filed Mar 6, 2009.

15. Subsequent Events

In January 2009, we announced that our board of directors approved a plan to spin-off its newly-formed subsidiary, Abraxis Health, Inc. as a new independent, stand-alone company holding our drug discovery, pilot manufacturing and development business. If the spin-off occurs, our stockholders would own (i) shares of Abraxis Health and (ii) shares of our common stock, and we would continue to operate our existing business, excluding the drug discovery, pilot manufacturing and development business to be held by Abraxis Health. In connection with the proposed spin-off, Abraxis Health would enter into several agreements with us related to, among other things, manufacturing, transition services, product development and research, tax allocations, clinical development and a number of ongoing commercial relationships.

The proposed spin-off is subject to a number of closing conditions, including final approval by our board of directors and the effectiveness of the registration statement registering the common stock of Abraxis Health to be distributed to our stockholders in connection with the spin-off. Approval by our stockholders is not required as a condition to the consummation of the proposed spin-off. In connection with the proposed spin-off, Abraxis Health filed a registration statement on Form 10 with the SEC. Stockholders are urged to read the Form 10 registration statement carefully because it contains important information about the proposed spin-off.

This excerpt taken from the ABII 10-K filed Mar 31, 2008.

14. Subsequent Events

We have signed agreements to acquire 100% of the equity of certain biotechnology and specialty pharmaceutical companies for an initial up-front payment at closing of $15.0 million plus additional payments upon achievement of certain milestones.

This excerpt taken from the ABII 8-K filed Nov 8, 2007.

(12) Subsequent Events

Acquisition of Manufacturing Facility in Phoenix, Arizona

In July 2007, New Abraxis acquired Watson Pharmaceuticals, Inc.’s sterile injectable manufacturing facility in Phoenix, Arizona. This fully-equipped facility, comprising approximately 200,000 square feet, includes manufacturing as well as chemistry and microbiology laboratories and has the ability to manufacture lyophilized powders, suspension products, and aqueous and oil solutions. In connection with the acquisition, New Abraxis has agreed to contract manufacture certain injectable products for and on behalf of Watson for a specified period of time.

California NanoSystems Institute

In July 2007, New Abraxis entered into a research collaboration agreement with the California NanoSystems Institute (CNSI), at UCLA under which the parties agreed to collaborate on early research in nanobiotechnology for the advancement of new technologies in medicine. Under the agreement, New Abraxis agreed to contribute $10 million over ten years to fund collaborative projects in the new CNSI building at UCLA. The partnership provides CNSI and New Abraxis’ researchers the opportunity to jointly pursue innovative approaches to the diagnosis and treatment of life-threatening diseases, leveraging the complementary resources and skills of both organizations.

 

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