Financial News

LOS ANGELES Abraxis BioScience shareholders have approved an acquisition of the company by Celgene, Celgene said Wednesday.

The $3 billion acquisition will give Celgene control of Abraxis’ cancer therapies and its anti-tumor Nab technology.

PLEASANTON, Calif. — Safeway on Thursday reported net income of $122.8 million for the third quarter ended Sept. 11, down 4.5% as compared with the year-ago period. Results for the third quarter included $12 million in employee severance charges, offset by a lower tax rate, compared with third quarter 2009.

ST. LOUIS Energizer Holdings emerged as the winning bidder for American Safety Razor in bankruptcy court proceedings, inking a deal to buy substantially all of ASR’s assets for $301 million in cash and the assumption of certain liabilities.

The acquisition is subject to regulatory approval. Energizer is the parent company of Schick Wilkinson Sword, the second-largest manufacturer and marketer of men’s and women’s wet-shave products in the world.

NEW YORK Pfizer will buy King Pharmaceuticals for $3.6 billion, Pfizer said Tuesday.

The world’s largest drug maker announced that it had agreed to acquire Bristol, Tenn.-based King for $14.25 per share, which it said was a 40% premium over the Monday closing price of King’s stock.

CINCINNATI "Innovation that truly improves people's lives is more important than ever," Procter & Gamble's chairman, president and CEO Bob McDonald said to company shareholders at its annual meeting.

Commenting on its "purpose-inspired" growth strategy, McDonald said that while significant opportunties for improvement lay ahead, P&G continues to see growth; organic sales grew 3%, core earnings per share rose 6% and adjusted free cash flow was 125% of net earnings for the last fiscal year ended June 30.