Abraxis BioScience (ABII)

(10) Subsequent Event

In April 2008, we completed the acquisition of Shimoda Biotech (Pty) Ltd (“Shimoda Biotech”) and its subsidiary, Platco Technologies (Pty) Ltd (“Platco Technologies”), located in Plettenberg Bay, South Africa. Shimoda Biotech focuses on the development of new pharmaceutical products by combining successful off-patent molecules with a novel cyclodextrin drug delivery

platform, seeking to exploit the faster onset and improved bioavailability characteristics of that platform. Platco Technologies focuses on the development of novel platinum-based anti-cancer drugs. Under the terms of the agreement, Abraxis acquired 100% of the equity of both Shimoda Biotech and Platco Technologies for an initial upfront payment at closing of $15.1 million, plus potential additional payments upon the achievement of specified milestones.

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16. Subsequent Event

Acquisition of Puerto Rico Manufacturing Facility

In February 2007, Abraxis BioScience, Inc. completed the acquisition of the Pfizer Inc. Cruce Davila manufacturing facility in Barceloneta, Puerto Rico for $32.5 million in cash. This 56-acre site consists of a 172,000 square foot validated manufacturing plant with capabilities of producing EU- and U.S.-compliant injectable pharmaceuticals, as well as protein-based biologics and metered-dosed inhalers. In addition, the acquisition included a state-of-the-art, computer-controlled 90,000 square foot active pharmaceutical ingredients manufacturing plant, and two support facilities with quality assurance and laboratories, totaling 262,000 square feet. New Abraxis was allocated approximately 90,000 square feet of the facility accounting for approximately $7.6 million of the purchase price. Under the terms of the agreement, New Abraxis has leased its portion of the facility back to Pfizer through February 2012.

Cenomed Joint Venture

In April 2007, New Abraxis formed a joint venture with Cenomed, Inc. to create Cenomed BioSciences, LLC. This venture is designed to further the research and development of novel drugs that interact with the central nervous system focused on psychiatric and neurological diseases, including the treatment of schizophrenia, neuroprotection, mild cognitive impairment and memory/attention impairment associated with aging, attention deficit hyperactivity disorder and pain. New Abraxis holds a 70% membership interest in the joint venture. New Abraxis made an initial contribution of $500,000 to the joint venture and will help to fund further development of these drugs. Cenomed BioSciences, LLC consolidated in New Abraxis’ combined financial statements.

Biocon Agreements

In June 2007, New Abraxis entered into an agreement with Biocon Limited under which New Abraxis licensed the right to develop and commercialize a biosimilar version of G-CSF (granulocyte-colony stimulating factor) in North America and the European Union. New Abraxis will pay a $7.5 million licensing fee upon the achievement of certain events and, following regulatory approval in the licensed territories, will pay royalties to Biocon based on a percentage of net sales.

In June 2007, New Abraxis entered into a license agreement with Biocon Limited under which we granted Biocon the right to market and sell Abraxane^® in India, Pakistan, Bangladesh, Sri Lanka, United Arab Emirates, Saudi Arabia, Kuwait and certain other South Asian and Persian Gulf countries. New Abraxis will receive payments from Biocon based on the higher of a percentage of net sales or a specified profit split under the license agreement. In July 2007, New Abraxis submitted with India’s Ministry of Health and Family Welfare an application to market Abraxane^® for the treatment of breast cancer in India.

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Exclusive License of Intellectual Property Portfolio

In May 2007, New Abraxis entered into an agreement with the University of Southern California (USC) under which it was licensed the exclusive worldwide development and commercialization rights for an intellectual property portfolio of diagnostic protein biomarkers for therapy response, therapy toxicity and disease recurrence in colorectal cancers (CRCs). The intellectual property licensed is based on USC research by Associate Professor of Medicine Heinz-Joseph Lenz and colleagues.

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 $10.0 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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New Abraxis, Inc.

(a Component of Abraxis BioScience, Inc.)