Abraxis BioScience Names Lonnie Moulder President and Chief Executive Officer; Soon-Shiong Remains Executive Chairman

-- Soon-Shiong to Assume Role as Chairman and CEO for Abraxis Health --

LOS ANGELES--(BUSINESS WIRE)--Abraxis BioScience, Inc. (NASDAQ:ABII), a fully integrated biotechnology company, today announced that Leon (Lonnie) O. Moulder, Jr., has been appointed Vice Chairman, President and Chief Executive Officer. Patrick Soon-Shiong, M.D., who held the positions of Chairman and CEO of Abraxis BioScience since founding the company, will assume the role of Executive Chairman and Chief Executive Officer of Abraxis Health.

“It is an honor to lead Abraxis BioScience at such a pivotal time in the company’s evolution”

Mr. Moulder, 51, most recently served as vice chairman of Eisai Corporation of North America following Eisai’s acquisition of MGI PHARMA, INC., where he served as President and CEO since 2003. Mr. Moulder joined MGI PHARMA in 1999 as Executive Vice President and was promoted to President and Chief Operating Officer in 2002. Earlier, he was a member of the founding management team and Vice President Business Development & Commercial Affairs of Eligx, Inc., a venture-stage biomedical company. Previously, Mr. Moulder served for 16 years in a number of commercial roles for Hoechst Marion Roussel (now Sanofi Aventis) and its predecessor companies. He began his career as a clinical pharmacist. Mr. Moulder was previously a board member of the Biotechnology Industry Organization (BIO) and is a member of the Board of Visitors of the Temple University school of Pharmacy. He earned a bachelor of science degree in pharmacy from Temple University and a master of business administration degree from the University of Chicago.

“Lonnie is a 25-year veteran of the healthcare industry and has a stellar track record of growing companies,” said Dr. Soon-Shiong. “His experience with pharmaceutical and biotechnology companies, particularly in the oncology area, combined with commercialization and drug development acumen makes him an ideal executive to lead the company to exceptional levels of growth.”

“It is an honor to lead Abraxis BioScience at such a pivotal time in the company’s evolution,” said Mr. Moulder. “I believe the ABRAXANE franchise and our robust product pipeline hold tremendous potential and I look forward to working with the Abraxis BioScience team as we expand globally and bring important therapies to patients.”

The company also announced the senior management team for Abraxis Health, which will focus on biomarkers and personalized medicine. Dr. Soon-Shiong will assume the role of Chief Executive Officer, Edward Geehr, M.D. will be the President and Chief Operating Officer and Bruce Wendel will be Vice Chairman and Executive Vice President Global Business Development. Dr. Geehr joined Abraxis BioScience in October 2008 as Executive Vice President of Operations.

“My passion is medical research and pursuing next generation science. Through Abraxis Health, my team will focus on biomarkers and personalized medicine and expanding the company’s myriad of research and development opportunities,” said Dr. Soon-Shiong.

About Abraxis BioScience

Abraxis BioScience is a fully integrated global biotechnology company dedicated to the discovery, development and delivery of next-generation therapeutics and core technologies that offer patients safer and more effective treatments for cancer and other critical illnesses. The company's portfolio includes the world's first and only protein-bound nanoparticle chemotherapeutic compound (ABRAXANE®), which is based on the company's proprietary tumor targeting technology known as the nab® platform. The first FDA approved product to use this nab platform, ABRAXANE, was launched in 2005 for the treatment of metastatic breast cancer and is now approved in 36 countries. The company continues to expand the nab® platform through a robust clinical program and deep product pipeline. Abraxis trades on the NASDAQ Global Market under the symbol ABII. For more information about the company and its products, please visit www.abraxisbio.com.

About Abraxis Health

Abraxis Health will be a fully-integrated, next-generation, evidenced-based, personalized healthcare company dedicated to the discovery, development, validation and clinical application of diagnostics and therapeutics that are tailored to the specific molecular profile of patients and will offer safer and more effective treatments for critical illnesses. Abraxis Health will forge a new paradigm for the delivery of healthcare, requiring a novel global infrastructure, integrating bioinformatics, discovery, molecular medicine and clinical development. In so doing, we believe Abraxis Health will achieve the delivery of the right medicine to the right patient at the right time. Under this model, Abraxis Health will develop, test and validate diagnostics and drugs to target pre-selected patients based on molecular profiles that predict drug response to particular therapeutics. This will enable the delivery of drugs to patients in a predictive, preventative and evidence-based manner, improving outcomes and pharmacoeconomics.

Contacts

Investors and Media Inquiries:
Abraxis BioScience, Inc.
Maili Bergman
Director Investor Relations & Corporate Communications
310-883-1300
investorrelations@abraxisbio.com
or
PondelWilkinson Inc.
Rob Whetstone, 310-279-5963

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