The morning deal: Selling Abraxis
Biotechnology company Celgene has agreed to acquire Abraxis BioScience for $2.9 billion in cash and stock. Abraxis shared are up 20 percent on the news and that’s got to make Abraxis Chairman Patrick Soon-Shiong happy, he owns over 80 percent of the company’s outstanding shares.
Activity in the red-hot potash sector: the Belorussian government hopes to raise up to $7 billion from the sale of a minority stake in potash producer Belaruskali to help replenish state coffers.
Shares in BP jumped 8 percent today, helped by bid talk and optimism that the worst may be over for the stock as the company comes closer to halting the massive oil leak from its Gulf of Mexico well. Read about the fantasy M&A story here.
Investors will closely watch the sale of two French firms (Picard Surgeles and Medi-Partenaires) to see if they will be snapped up in direct deals rather than going to auction, waking up a private equity M&A market that has slumbered. Read more about the future of PE deals here.