/PRNewswire-FirstCall/ -- American Pharmaceutical Partners, Inc.
(Nasdaq: APPX)(APP), and American BioScience, Inc. (ABI) today announced that
Sir Richard Sykes, former Chairman and Chief Executive Officer of Glaxo
Wellcome plc and Chairman of the Board of GlaxoSmithKline plc, has agreed to
join the Board of Directors of Abraxis BioScience, Inc. following the
consummation of the proposed merger between APP and ABI (APP will be renamed
Abraxis BioScience following the merger). Sir Richard currently serves as
Rector of the largest applied science and technology university in the United
Kingdom, the Imperial College of Science, Technology and Medicine at the
In November, APP and ABI announced the signing of a definitive merger
agreement which will merge the companies to create Abraxis BioScience, a fully
integrated, global biopharmaceutical company. The transaction is expected to
close in the first half of 2006. The Abraxis BioScience board will consist of
a majority of independent directors, including current APP board members.
Patrick Soon-Shiong, M.D., chairman and CEO of APP, ABI and Abraxis
BioScience said Sir Richard is an important addition to the Abraxis BioScience
Board. "Our goal in assembling the new Abraxis BioScience Board is to bring
together directors who will bring vision, experience and expertise to guide
management as Abraxis BioScience evolves into a global biotechnology company
pursuing therapies for true unmet medical needs," he said. "Sir Richard's
international stature and experience in building a world-class company in
GlaxoSmithKline and his ongoing involvement with institutions committed to the
pursuit of breakthrough, next generation technologies will be invaluable to
our company. We are thrilled and honored to have him join our board."
Sir Richard Sykes stated, "The science that Patrick and his team are
pursuing in oncology, nanotechnology and tumor secreted proteins such as SPARC
could very well change the way cancer and other diseases are treated. The
results they have achieved to date are both impressive and exciting. The
combination of APP and ABI has created an infrastructure with all the
ingredients necessary to be an integrated leading biopharmaceutical
organization developing important therapies in oncology and critical care.
Over the next two decades, technological advances will lead to a whole range
of new ways of managing diseases from diagnosis to cure. I believe that the
structure of our industry will have to adapt if we are to fully recognize the
potential of the new technologies and I am pleased to have been asked to
contribute to this effort."
Sir Richard was appointed Deputy Chairman and Chief Executive of Glaxo in
March 1993. He led Glaxo's acquistion of Wellcome in 1995 and was a principal
architect of Glaxo Wellcome's merger with SmithKline Beecham to form
GlaxoSmithKline at the end of 2000. He stood down as Chairman of
GlaxoSmithKline plc in May 2002 to continue his role as Rector of Imperial
Sir Richard initially joined Glaxo Research Limited in 1972 as Head of the
Antibiotic Research Unit. In 1979, he became Director of Microbiology and an
Associate Director of The Squibb Institute for Medical Research, Princeton,
New Jersey. He served as Vice President, Infectious and Metabolic Diseases
there from 1983 to 1986. Sir Richard again joined Glaxo in the UK as Deputy
Chief Executive of Glaxo Group Research Ltd and was appointed Group Research
and Development Director, Glaxo plc and Chairman & Chief Executive of Glaxo
Group Research Limited in 1987. He was named Deputy Chairman & Chief
Executive of Glaxo plc in March 1993 and Chairman & Chief Executive of Glaxo
Wellcome plc in May 1997.
Sir Richard received his knighthood in the 1994 New Year Honours list for
services to the pharmaceutical industry. He sits on a number of government
and scientific committees and is a Trustee of the Natural History Museum in
London. Sir Richard was appointed Chairman of the Bioscience Leadership
Council in November 2003. Sir Richard has recently accepted the role of Chair
of the WHO International Advisory Board which oversees the International
Clinical Trials Registry Platform. He is currently Chairman of the Biomedical
Sciences International Council, Singapore, and a board member of Rio Tinto
Limited and the Lonza Group Limited. He also serves as healthcare advisor to
Apax Partners Limited.
He served as President of the British Association for the Advancement of
Science, 1998-1999, and holds a number of honorary degrees and awards from
institutions both in the UK and overseas. He is a Fellow of the Royal
Society, an Honorary Fellow of the Royal Society of Chemistry and a Fellow of
the Academy of Medical Sciences. He is a Fellow of Imperial College School of
Medicine, King's College, London, a Fleming Fellow at Lincoln College, Oxford,
an Honorary Fellow of the Royal College of Physicians, an Honorary Fellow of
the University of Wales, Cardiff and an Honorary Fellow of the University of
Central Lancashire. Sir Richard was awarded a PhD in Microbial Biochemistry
from Bristol University and a DSc from the University of London.
About American BioScience, Inc.
American BioScience, Inc. is a privately held biotechnology company
focused on the discovery, development and delivery of next-generation
therapeutics including biologically active molecules already existing within
the human biological system, for the treatment of life-threatening diseases.
ABI owns a majority interest in American Pharmaceutical Partners, Inc.
About American Pharmaceutical Partners, Inc.
American Pharmaceutical Partners, Inc. is a specialty drug company that
develops, manufactures and markets injectable pharmaceutical products,
focusing on the oncology, anti-infective and critical care markets. Abraxis
Oncology, the proprietary division of APP, is devoted entirely to developing
and promoting innovative, next-generation cancer therapies such as
ABRAXANE(R), recently launched for the treatment of metastatic breast cancer.
For more information, visit APP's website at www.appdrugs.com and
Forward-looking statements in this document include statements regarding
our expectations, beliefs, hopes, goals, intentions, initiatives or
strategies, including statements regarding the expected time of completion of
the merger and the benefits of the merger, including the creation of an
integrated, global biopharmaceutical leader and Sir Richard Sykes joining the
board of the combined company. Because these forward-looking statements
involve risks and uncertainties, there are important factors that could cause
actual results to differ materially from those in the forward-looking
statements. These factors include, without limitation, unexpected delays in
consummation of the merger, if at all, adverse market reactions to the
proposed merger, failure of the benefits of the merger to materialize,
difficulties in integrating the businesses and operations of the two
companies, and the fact that Sir Richard Skyes is not obligated to join the
board of the combined company. Relevant information concerning risks can be
found in APP's Form 10-K for the year ended December 31, 2004 and other
documents filed by us with the Securities and Exchange Commission.
Contacts: American Pharmaceutical Partners, Inc.
Executive Vice President & CFO
Rob Whetstone/Robert Jaffe
SOURCE American Pharmaceutical Partners, Inc.