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Levi & Korsinsky, LLP Investigates Possible Breach Of Fiduciary Duty By The Board Of Abraxis BioSciences Inc. - ABII

Levi & Korsinsky is investigating the Board of Directors of Abraxis BioSciences Inc. (“Abraxis” or the “Company”) (NasdaqGS: ABII) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Celgene Corporation ("Celgene") (NasdaqGS: CELG). Under the terms of the transaction, Abraxis shareholders will receive $58 in cash and 0.2617 shares of Celgene stock for each Abraxis share they own. Based on the prior closing price of Celgene shares, the transaction values Abraxis stock at approximately $71.93 per share for a total transaction value of approximately $2.9 billion, net of cash. Each Abraxis share will also receive one tradeable contingent value right which entitles its holder to receive payments for future regulatory milestones and commercial royalties.

The investigation concerns whether the Abraxis Board of Directors breached their fiduciary duties to Abraxis stockholders by failing to adequately shop the Company before entering into this transaction and whether Celgene is underpaying for Abraxis shares, thus unlawfully harming Abraxis stockholders.

If you own common stock in Abraxis and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at or by telephone at (212) 363-7500 or visit

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

Copyright Business Wire 2010

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