Item 1.01 Entry Into a Material Definitive Agreement.

On November 19, 2008, Abraxis BioScience, LLC ("Abraxis"), the wholly-owned operating subsidiary of Abraxis BioScience, Inc. ("Registrant"), entered into an agreement (the "Agreement") with AstraZeneca UK Limited ("AstraZeneca") under which, subject to the satisfaction of the terms and conditions thereof, Abraxis would re-acquire exclusive rights to market ABRAXANE ® in the United States.

Under the Agreement, the Co-Promotion and Strategic Marketing Services Agreement between Abraxis and AstraZeneca (the "Co-Promotion Agreement") will end effective on the date between January 1, 2009 and January 5, 2009 on which the board of directors of Registrant may approve ending the Co-Promotion Agreement and notice thereof has been timely received by AstraZeneca. If Registrant's board of directors so approves ending the Co-Promotion Agreement, then Abraxis will pay AstraZeneca a $268 million fee. If Registrant's board of directors does not so approve, then the Co-Promotion Agreement will continue with an amended 50% commission.

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