Abraxis BioScience Spins off From APP Pharmaceuticals

Los Angeles-based Abraxis BioScience said this morning that it has spun-off from APP Pharmaceuticals, the firm said today. The firm will focus on drug development. The firm's major product, ABRAXANE, is used for treating cancer and other illnesses. According to Abraxis, it has been capitalized with $700M in cash and it will trade on the Nasdaq Global Market as ABII.