Abraxis BioScience Buys Back Rights

Los Angeles-based Abraxis BioScience, a biotechnology firm focused on compounds for treating cancer, said this morning that it has reached an agreement with AstraZeneca UK Limited to re-acquire rights to market the firm's ABRAXANE treatment in the United States. According to AstraZeneca, the move will result in the payment of $268M to the firm from Abraxis. AstraZeneca paid $200M in 2006 for the rights to the compound, which is used for treating breast cancer.