Celgene acquires Abraxis BioScience for $2.9 billion
Client(s) Celgene Corporation
Jones Day advised Celgene Corporation in its $2.9 billion merger with Abraxis BioScience Inc. Under the terms of the merger agreement, each share of Abraxis BioScience common stock will be converted into the right to receive an upfront payment of $58.00 in cash, 0.2617 shares of Celgene common stock and one tradeable contingent value right (CVR). This acquisition accelerates Celgene's strategy to become a global leader in oncology. In addition to M&A representation, Jones Day provided antitrust, IP, tax, benefits, real estate, and labor advice regarding this transaction.