Abraxis (ABII)

[surf1944]

8:43AM Abraxis BioScience plans to spin-off Abraxis Health in 2010 and announces appointment of Bruce J. Wendel as CEO (ABII) 41.36 : Co confirms that it intends to spin-off the Abraxis Health division this year. "By spinning off Abraxis Health as an independent, stand-alone company, we believe we will enhance the intrinsic value of both companies by allowing each company to pursue its differing drug development and commercialization strategies," said Patrick Soon-Shiong, M.D., Executive Chairman of Abraxis BioScience. Concurrently, Abraxis BioScience announced that Bruce J. Wendel has been appointed Vice Chairman of the board of directors and Chief Executive Officer. Mr. Wendel succeeds Lonnie Moulder, who is leaving the company to pursue other opportunities. Dr. Soon-Shiong will continue as Executive Chairman of Abraxis BioScience. Following the spin-off, it is expected that Dr. Soon-Shiong will continue to serve as Executive Chairman of Abraxis BioScience and as Chief Executive Officer and Chairman of Abraxis Health. Mr. Wendel is anticipated to continue to serve as Chief Executive Officer of Abraxis BioScience following the spin-off.