Abraxis BioScience Announces Co-Promotion Agreement with AstraZeneca for ABRAXANE(R) in the U.S. and the Acquisition of AstraZeneca's U.S. Branded Anesthetic and Analgesic Product Lines

-- Agreement Doubles Sales Force and Promotional Investment for ABRAXANE and Dramatically Increases Share of Voice in the U.S. Market

-- Asset Acquisition of AstraZeneca's U.S. Branded Anesthetic and Analgesic Products, with Sales of $217 Million in 2005, Will Significantly Increase Current Injectable Business

Abraxis BioScience, Inc. (NASDAQ:ABBI), an integrated, globalbiopharmaceutical company, today announced they have entered into anagreement with AstraZeneca (NYSE:AZN) for the co-promotion of Abraxis'proprietary drug ABRAXANE(R), in the United States for a term of fiveand a half years. Abraxis also announced an agreement that willsignificantly bolster its injectable business by acquiringAstraZeneca's U.S. branded anesthetic and analgesic injectableportfolios. These products encompass over 100 dosage forms and includethe leading branded anesthetic agent, Diprivan(R) (propofol), and aproprietary Naropin(R) (ropivacaine), as well as a comprehensive suiteof local anesthetics including EMLA(R) (Eutectic Mixture of Lidocaineand Prilocaine), Xylocaine(R) (lidocaine), Polocaine(R) (mepivacaine),Nesacaine(R) (chloroprocaine HCl Injection, USP), Sensorcaine(R)(bupivacaine), and Astramorph(R) (morphine sulfate injection, USP).

These agreements significantly enhance Abraxis' proprietaryoncology and injectables businesses. Through this transaction, Abraxisis able to double the sales force and promotional investment inABRAXANE as well as share the cost of certain clinical trials that arepart of the overall clinical development program, without incurringadditional costs. Abraxis will also expand its injectables business byacquiring a profitable portfolio of branded products, which generated2005 sales for AstraZeneca of $217 million. The addition of over 100dosage forms is highly complementary to the Abraxis injectablebusiness and broadens the large scale of its critical care portfolioto hospitals and clinics. These combined transactions are immediatelyaccretive to earnings.

"We are pleased to have entered into these agreements withAstraZeneca, a global pharmaceutical company and oncology leader withsignificant experience in the field of breast cancer," said PatrickSoon-Shiong, M.D., chief executive officer and chairman of the boardof Abraxis BioScience. "These agreements represent an important stepin executing our strategic plan to build Abraxis BioScience into aglobal, fully integrated biopharmaceutical company and increases theopportunity for ABRAXANE to reach its full potential."

"This deal gives AstraZeneca access to the key U.S. chemotherapymarket. ABRAXANE brings significant benefits to cancer patients overexisting therapies and complements and extends our oncology productportfolio in the U.S.," said Tony Zook, president and chief executiveofficer, AstraZeneca U.S. "At the same time Abraxis BioScience isacquiring a strong anesthetic and analgesic portfolio which enhancestheir market leading injectable drug portfolio in the U.S."

ABRAXANE, the first commercially approved product based on thenab(TM) technology platform, received approval by the U.S. Food andDrug Administration (FDA) in January 2005 for the treatment of breastcancer. ABRAXANE sales totaled $134 million in 2005 in its firsteleven months on the market. ABRAXANE is currently in various stagesof development for the treatment of the following cancers: first-linemetastatic breast and non-small cell lung, adjuvant breast,neo-adjuvant breast, malignant melanoma, ovarian, prostate,pancreatic, gastric, and head and neck. In November 2005, a Journal ofClinical Oncology article was published on the Phase III pivotal trialwhich included an accompanying editorial that discussed ABRAXANEcompared to Taxotere(R). The J-code for ABRAXANE was received inJanuary 2006.

Terms of the Co-Promotion Agreement

Under the terms of the agreement, AstraZeneca will pay Abraxis anup-front fee of $200 million and equally share in the costs associatedwith advertising, promotions in the United States and certain clinicaltrials that are part of the overall clinical development program.Further milestone payments will be made to Abraxis upon theachievement of new indication approvals within pre-specifiedtimelines. The co-promotion agreement, beginning July 1, 2006, willrun for five and a half years. AstraZeneca will receive a 22 percentcommission on net sales of ABRAXANE during the term of the agreement,with a trailing commission of ten percent for the first year and fivepercent for the second year following the five year term. Abraxis willretain all responsibility for clinical and regulatory development,manufacture and distribution of the product.

In addition to the sales force already established at Abraxis,AstraZeneca will add an experienced sales force who will now solelyco-promote ABRAXANE in the U.S. market. This commercial collaborationwill provide significantly greater reach and is expected to acceleratethe market penetration of ABRAXANE in the U.S. Abraxis BioScience willgrant AstraZeneca a right of first offer to license or co-promoteABRAXANE outside the U.S., other than selected countries, should apartner be sought.

Terms of the Branded Anesthetic and Analgesic Product LinesPurchase Agreement

Abraxis will pay to AstraZeneca $275 million at closing and $75million on the first anniversary of closing consideration of the saleof AstraZeneca's U.S. branded anesthetics and analgesic business.AstraZeneca and Abraxis have entered into an exclusive supplyagreement providing for AstraZeneca to supply these products toAbraxis for an initial term of five years.

AstraZeneca will grant Abraxis BioScience the right of first offerto purchase or license its branded anesthetics and analgesicsportfolio outside of the U.S. should AstraZeneca decide to divestthese assets. In addition, AstraZeneca has agreed that Abraxis will beits preferred partner for consideration of certain proprietaryinjectable products when patents on these products expire. The sale ofAstraZeneca's U.S. branded anesthetics and analgesic business issubject to Hart-Scott-Rodino clearance and other customary conditionsto closing.

Abraxis, through its Abraxis Pharmaceutical Products division,manufactures the largest anti-infective injectable product portfolioand one of the broadest portfolios of oncology and critical careproducts. This product acquisition of over 100 dosage forms, combinedwith the over 300 dosage forms currently manufactured and marketed,together with the eight FDA approvals received this year and the 23ANDA's currently under review by the FDA, positions Abraxis to be oneof the largest manufacturers of injectable pharmaceutical products forthe critically ill patient.

About ABRAXANE(R)

The U.S. Food and Drug Administration approved ABRAXANE(R) forInjectable Suspension (paclitaxel protein-bound particles forinjectable suspension) (albumin-bound) in January 2005 for thetreatment of breast cancer after failure of combination chemotherapyfor metastatic disease or relapse within six months of adjuvantchemotherapy. Prior therapy should have included an anthracyclineunless clinically contraindicated. For the full prescribinginformation for ABRAXANE(R) please visit www.abraxane.com.

About Abraxis BioScience, Inc.

Abraxis BioScience, Inc. is an integrated global biopharmaceuticalcompany dedicated to meeting the needs of critically ill patients. Thecompany develops, manufactures and markets one of the broadestportfolios of injectable products and leverages revolutionarytechnology such as its nab(TM) platform to discover and deliverbreakthrough therapeutics that transform the treatment of cancer andother life-threatening diseases. The first FDA approved product to usethis nab platform, ABRAXANE(R), was launched in 2005 for the treatmentof metastatic breast cancer. Abraxis trades on the Nasdaq NationalMarket under the symbol ABBI. For more information about the companyand its products, please visit www.abraxisbio.com.

About AstraZeneca

AstraZeneca is a major international healthcare business engagedin the research, development, manufacture and marketing ofprescription pharmaceuticals and the supply of healthcare services. Itis one of the world's leading pharmaceutical companies with healthcaresales of over $21.4 billion and leading positions in sales ofgastrointestinal, cardiovascular, respiratory, oncology andneuroscience products. AstraZeneca is listed in the Dow JonesSustainability Index (Global) as well as the FTSE4Good Index.

FORWARD-LOOKING STATEMENT

The statements contained in this press release that are not purelyhistorical are forward-looking statements within the meaning ofSection 21E of the Securities Exchange Act of 1934, as amended.Forward-looking statements in this press release include statementsregarding our expectations, beliefs, hopes, goals, intentions,initiatives or strategies, including statements regarding the expectedcost benefits and the acceleration of the market penetration forABRAXANE as a result of the co-promotion agreement, global expansion,and the accretive effect of these transactions to earnings. Becausethese forward-looking statements involve risks and uncertainties,there are important factors that could cause actual results to differmaterially from those in the forward-looking statements. These factorsinclude, without limitation, the continued market adoption and demandof ABRAXANE in North America and its potential market penetrationoutside of the U.S., the costs associated with the ongoing launch ofABRAXANE, the continued market acceptance of the new products acquiredfrom AstraZeneca, AstraZeneca's ability to satisfy its obligationsunder the supply agreement, the difficulties or delays in developing,testing, obtaining regulatory approval of, and producing and marketingany other products, including those in the pipeline, the impact ofpharmaceutical industry regulation, the impact of competitive productsand pricing, the availability and pricing of ingredients used in themanufacture of pharmaceutical products, the ability to successfullymanufacture products in a time-sensitive and cost effective manner,the acceptance and demand of new pharmaceutical products, the impactof patents and other proprietary rights held by competitors and otherthird parties. Additional relevant information concerning risks can befound in Abraxis BioScience's Form 10-K for the year ended December31, 2005 and other documents it has filed with the Securities andExchange Commission.

ABRAXANE(R) is a registered trademark of Abraxis BioScience, Inc.

Diprivan(R), Naropin(R), EMLA(R), Xylocaine(R), Polocaine(R),Nesacaine(R), Sensoracaine(R), and Astramorph(R)are registeredtrademarks of AstraZeneca plc.

Taxotere(R) is a registered trademark of Aventis Pharmaceuticals,Inc.