Abraxis BioScience, Inc. and ProMetic Life Sciences Inc. announced on September 4, 2008 that they signed definitive agreements for the development and commercialization, on a worldwide basis (excluding China and Taiwan), of four biopharmaceutical products targeting underserved medical conditions. These represent market opportunities potentially exceeding US$600 million in annual revenue for Abraxis. The transaction includes an initial strategic investment, by Abraxis, in ProMetic of US$7 million at C$0.47 per share, as well as providing Abraxis rights, upon the fulfillment of certain conditions, to make optional investments of up to US$25 million.
Abraxis was represented in-house by Charles Kim. Abraxis was also represented in Canada by Fraser Milner Casgrain LLP with a team that included Michael Melanson and David Coultice.
Prometic was represented in-house by Patrick Sartore and Suzie Guillemette. Prometic was also represented by BCF LLP with a team that included Hubert Sibre, Pascal de Guise and Adam Allouba and by Ian Putnam of Stikeman Elliott LLP, who acted as US counsel.