Los Angeles-based cancer drug maker Abraxis BioScience Inc., which recently moved research and development operations to Costa Mesa, is being bought for at least $2.9 billion by New Jersey’s Celgene Corp.
The deal is expected to close in the fourth quarter and includes future payments if Abraxis hits business targets.
Abraxis, which makes breast cancer drug Abraxane, in April moved 100 workers from Marina del Rey to a Costa Mesa building with laboratories off the San Diego (I-405) Freeway.
The monolithic black building once housed drug maker ICN Pharmaceuticals Inc., now Aliso Viejo-based Valeant Pharmaceuticals International.
The acquisition by Celgene answers a question about whether the Costa Mesa building was set to become the headquarters of a planned spinoff, Abraxis Health.
Abraxis BioScience had planned to spin off its drug development unit and hadn’t indicated where it would be based.
The Costa Mesa building seemed like a likely candidate. Abraxis BioScience acquired the Costa Mesa building for $30.5 million in 2009.
Abraxis BioScience, which was set to retain Abraxane, planned to keep its headquarters in Brentwood.
The buyout presumably nixes plans for the spinoff.
Celegene is buying Abraxis to expand its cancer drugs. The company makes blood-cancer drug Revlimid and other products.
Abraxis’ Abraxane is being studied for other cancers, including pancreatic and melanoma.
