The class action lawsuit was filed against American Pharmaceutical Partners, certain of its officers and American BioScience, the company’s strategic partner for Abraxane, while a related derivative lawsuit was filed against certain of American Pharmaceutical Partners’ directors and officers.
These actions alleged that the companies made false and misleading statements regarding Abraxane, American Pharmaceutical Partners’ potential rival to the blockbuster Bristol-Myers Squibb drug, Taxol.
No payment to the plaintiffs was made in connection with the dismissal of these lawsuits.
“The company has always maintained that these lawsuits were without merit, and we are pleased that this legal distraction now is behind us,” said Al Heller, American Pharmaceutical Partners’ president and CEO.
Abraxane is indicated for the treatment of breast cancer after failure of combination chemotherapy for metastatic disease or relapse within six months of adjuvant chemotherapy.