Celgene to acquire Abraxis Bioscience for $2.9 billion up front

Celgene is to acquire Abraxis Bioscience for $2.9 billion up front in a deal aimed at boosting its oncology presenceby immediate entry into solid tumours, building on Celgene's blood cancers business.

Under the agreement, each share of Abraxis will be converted into an upfront cash payment of $58.00 and 0.2617 shares...