Singapore, April 10, 2008: The Korean FDA (KFDA) has granted marketing approval for US-based Abraxis BioScience’s Abraxane (paclitaxel protein-bound particles for injectable suspension). Abraxane is used to treat breast cancer after failure of standard chemotherapy. Abraxane is now approved for marketing in 34 countries.

 

Abraxis has granted an exclusive license to Green Cross Corporation for commercialization of Abraxane in Korea. Green Cross made an upfront payment and will pay a royalty on net sales of Abraxane in Korea as well as milestone payments.

 

Green Cross expects to launch Abraxane in Korea in the first quarter of 2009 following pricing approval. Abraxis has two additional global partnerships for the commercialization of Abraxane with Taiho Pharmaceuticals in Japan and Biocon in India.

 

Dr Patrick Soon-Shiong, Chairman and CEO of Abraxis said, the approval for Abraxane in Korea provides an effective new treatment option to physicians and patients in Korea in the fight against metastatic breast cancer. We look forward to expanding the global market presence of Abraxane.