Abraxis and ProMetic Enter Licence Agreements for up to US$295M

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.


Adam Allouba Michael N. Melanson Pascal de Guise David J. Coultice Ian Putnam Hubert Sibre Suzanne (Suzie) Guillemette