Thursday, January 28, 2010

Abraxis Plans Spinoff, Names Execs

Los Angeles-based Abraxis BioScience confirmed this morning that it is still planning on a spinoff of its Abraxis Health division this year, and has named a number of executives as part of the effort. According to Abraxis, it has named Bruce J. Wendel as Vice Chairman of its board and CEO of the firm, replacing Lonnie Moulder, who is leaving the firm for other opportunities. The company said Executive Chairman Patrick Soon-Shiong be taking the reigns as CEO and Chairman of Abraxis Health. Wendel will become CEO of Abraxis BioScience after the spin-off. Abraxis BioScience also said Mnitchell K. Fogelman--currently SVP of Finance for the firm--will become CFO of Abraxis Health after the spinoff, and Sanjay Gupta will also join as a senior executive at the firm. Gupta joins from Intel.