TERMINATION AGREEMENT

Exhibit 10.24

EXECUTION COPY

TERMINATION AGREEMENT

This Termination Agreement (“Termination Agreement”) is made and dated as of November 19 2008 by and between AstraZeneca UK Limited, a company incorporated under the laws of England and Wales with offices at 15 Stanhope Gate, London W1K 1LN, England (“AstraZeneca”), and Abraxis Bioscience, LLC (“Abraxis”), a Delaware limited liability company with offices at 11755 Wilshire Boulevard, Suite 2000, Los Angeles, California 90025, U.S.A., as successor-in-interest to Abraxis BioScience, Inc. (“ABI”). Each of AstraZeneca and Abraxis is a “Party” to this Termination Agreement.

BACKGROUND

AstraZeneca and Abraxis are parties to that certain Co-Promotion and Strategic Marketing Services Agreement, dated April 26, 2006 (the “Co-Promotion Agreement”).

Abraxis Bioscience, Inc. (formerly New Abraxis, Inc.) (“ABBI”) is the parent company and controlling member of Abraxis.

The Parties are entering into this Termination Agreement in order to terminate the Co-Promotion Agreement and to take certain other actions set forth herein.

AGREEMENT

In consideration of the mutual covenants and promises contained in this Termination Agreement, the Parties agree as follows:

Capitalized terms not otherwise defined in this Termination Agreement shall have the meaning given to them in the Co-Promotion Agreement.

Notwithstanding anything to the contrary in Sections 21.1 and 21.2 of the Co-Promotion Agreement, the Co-Promotion Agreement shall be terminated effective on and as of the date, not sooner than January 1, 2009 and not later than January 5, 2009, on which AstraZeneca shall have received written notice in the form attached hereto as Exhibit A (“Approval Notice”) stating that the Board of Directors of ABBI has voted to approve the termination of the Co-Promotion Agreement (the “Termination Date”). From and after the Termination Date, except as specifically set forth herein, neither Party shall have any further rights, responsibilities, obligations or duties, financial or otherwise, under the Co-Promotion Agreement. In furtherance of the foregoing, Abraxis agrees (i) to cause a meeting of the Board of Directors of ABBI to be convened no sooner than January 1, 2009 and no later than January 5, 2009 for the purpose of considering the termination of the Co-Promotion Agreement as described in the first sentence of this Section 2 and (ii) that in the event the Board of Directors of ABBI shall have approved such termination of the Co-Promotion Agreement, then Abraxis shall promptly, and in no event later than January 5, 2009 deliver the Approval Notice to AstraZeneca. In the event AstraZeneca does not receive the Approval Notice on or before January 5, 2009, the Co-Promotion Agreement shall not be terminated, and the provisions of Sections 14 and 15(k) of this Termination Agreement shall apply.

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AstraZeneca represents and warrants to Abraxis as follows:

Abraxis hereby represents and warrants to AstraZeneca as follows:

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Notwithstanding anything to the contrary contained in the Co-Promotion Agreement, AstraZeneca hereby notifies Abraxis in accordance with Section 14.1.2 of the Co-Promotion Agreement that upon the Termination Date AstraZeneca hereby elects to forgo, and surrenders, any rights it may have to receive Residual Compensation pursuant to Section 9.5 of the Co-Promotion Agreement. Abraxis hereby acknowledges receipt and sufficiency of such notice and hereby releases AstraZeneca of any obligations under Sections 14.1.2, 14.1.4 and 14.1.5 of the Co-Promotion Agreement from and after the Termination Date. AstraZeneca hereby releases Abraxis of any obligations under Section 14.1.4 of the Co-Promotion Agreement from and after the Termination Date.

From and after the Termination Date, Section 21.5 of the Co-Promotion Agreement, and all sections referred to therein, shall survive termination of the Co-Promotion Agreement; provided, however, that notwithstanding anything herein or in the Co-Promotion Agreement to the contrary, Sections 9.5, 12.5.2, 14.1.2, 14.1.4 and 14.1.5 shall not survive termination of the Co-Promotion Agreement.

Effective on and after the Termination Date, AstraZeneca hereby irrevocably waives, relinquishes and forever releases and discharges the following (collectively, the “Released AstraZeneca Claims”): any rights, suits, claims, actions, causes of action, arbitrations, losses, costs, expenses, liabilities or damages of whatever kind or nature, whether now known or unknown, liquidated or unliquidated, matured or unmatured (collectively “Claims”) that AstraZeneca and any of its past, present and future parents, stockholders, affiliates, subsidiaries, officers, directors, employees, agents, attorneys, successors and assigns (collectively, the “AstraZeneca Entities”), ever had, now has, or may have in the future against Abraxis and any of its past, present and future parents, stockholders, affiliates, subsidiaries, officers, directors, employees, agents, attorneys, successors and assigns (collectively, the “Abraxis Entities”) arising from or under or relating to the Co-Promotion Agreement, other than any Claims arising from or under (a) any of the surviving provisions of the Co-Promotion Agreement referred to in Section 7 hereof or (b) any breach by Abraxis of its representations, warranties and covenants set forth in this Termination Agreement.

Effective on and after the Termination Date, Abraxis hereby irrevocably waives, relinquishes and forever releases and discharges the following (collectively, the “Released Abraxis Claims”): any Claims that the Abraxis Entities ever had, now has, or may have in the future against any of the AstraZeneca Entities arising from or under or relating to the Co-Promotion Agreement, other than any Claims arising from or under (a) any of the surviving provisions of the Co-Promotion Agreement referred to in Section 7 hereof or (b) any breach by AstraZeneca of its representations, warranties and covenants set forth in this Termination Agreement.

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Effective on and after the Termination Date, AstraZeneca agrees that none of the AstraZeneca Entities will, either individually or in concert with another, maintain, cause to be maintained, or voluntarily assist in maintaining any demand, action, claim, lawsuit, arbitration, or similar proceeding, in any capacity whatsoever, against any of the Abraxis Entities based upon any of the Released AstraZeneca Claims.

Effective on and after the Termination Date, Abraxis agrees that none of the Abraxis Entities will, either individually or in concert with another, maintain, cause to be maintained, or voluntarily assist in maintaining any demand, action, claim, lawsuit, arbitration, or similar proceeding, in any capacity whatsoever, against any of the AstraZeneca Entities based upon any of the Released Abraxis Claims.

AstraZeneca agrees to indemnify the Abraxis Entities against and shall hold each of them harmless from any and all damage, loss, liability, fines, penalties and expense (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses in connection with any action, suit or proceeding whether involving a third party claim or a claim solely between the Parties) incurred or suffered by the Abraxis Entities arising out of any misrepresentation or breach of warranty or breach of covenant or agreement (including, but not limited to, the covenant not to sue contained in Section 10 hereof) made or to be performed by AstraZeneca pursuant to this Termination Agreement.

Abraxis agrees to indemnify the AstraZeneca Entities against and shall hold each of them harmless from any and all damage, loss, liability, fines, penalties and expense (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses in connection with any action, suit or proceeding whether involving a third party claim or a claim solely between the Parties) incurred or suffered by the AstraZeneca Entities arising out of any misrepresentation or breach of warranty or breach of covenant or agreement (including, but not limited to, the covenant not to sue contained in Section 11 hereof) made or to be performed by Abraxis pursuant to this Termination Agreement.

In the event the Termination Date fails to occur on or before January 5, 2009, then and in such event the provisions of Section 9.2 of the Co-Promotion Agreement shall automatically be amended, effective January 6, 2009, to change the Compensation of AstraZeneca for all purposes under the Co-Promotion Agreement from twenty-two percent (22%) of Net Sales of the Product in the Territory to fifty percent (50%) of Net Sales of the Product in the Territory, and the Co-Promotion Agreement, as so amended, shall remain in full force and effect until terminated in accordance with the terms thereof.

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a) No Modification. This Termination Agreement may be changed, amended or modified only by a writing signed by the Parties.

b) Headings. The headings contained in this Termination Agreement are for convenience of reference only and shall not be considered in construing this Termination Agreement.

c) Waiver. Any waiver by either Party of a breach or a default of any provisions of this Termination Agreement by the other Party shall not be effective unless in writing and shall not be construed as a waiver of any succeeding breach of the same or any other provision, nor shall any delay or omission on the part of either Party to exercise or avail itself of any right, power or privilege that it has or may have hereunder operate as a waiver of any right, power, or privilege by such Party.

d) Successors and Assigns. This Termination Agreement shall be binding upon and inure to the benefit of the Parties hereto and their successors and permitted assigns, and neither this Termination Agreement nor any of the rights, interests or obligations hereunder of the Parties hereto may be assigned or delegated by any of the Parties hereto without the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed.

e) Counterparts. This Termination Agreement may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

f) Applicable Law. This Termination Agreement shall in all events and for all purposes be governed by, and construed in accordance with, the law of The State of Delaware without regard to any choice of law principle that would dictate the application of the law of another jurisdiction.

g) Entire Agreement. This Termination Agreement constitutes the entire agreement of the Parties with respect to the subject matter of this Termination Agreement and shall supercede all prior discussions, negotiations, correspondence, documents or agreements, whether written or oral, with respect to the subject matter of this Termination Agreement.

h) Jurisdiction; Waiver of Jury Trial. The Parties hereby irrevocably and unconditionally consent to the exclusive jurisdiction of state and federal courts located in the State of Delaware for any claim, action, suit or proceeding arising out of or relating to this Termination Agreement, and agree not to commence any action, suit or proceeding related thereto except in such courts. THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS TERMINATION AGREEMENT.

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i) Severability. To the fullest extent permitted by applicable law, the Parties waive any provision of law that would render any provision in this Termination Agreement invalid, illegal or unenforceable in any respect. If any provision of this Termination Agreement is held to be invalid, illegal or unenforceable, in any respect, then such provision will be given no effect by the Parties and shall not form part of this Termination Agreement. To the fullest extent permitted by applicable law and if the rights or obligations of any Party will not be materially and adversely affected, all other provisions of this Termination Agreement shall remain in full force and effect and the Parties will use their best efforts to negotiate a provision in replacement of the provision held invalid, illegal or unenforceable that is consistent with applicable law and achieves, as nearly as possible, the original intention of the Parties.

j) Publicity. The Parties agree that, except as otherwise required by applicable law as determined in good faith such Party in consultation with outside counsel, no press releases or other public announcements or disclosures regarding this Termination Agreement or any of the terms and provisions hereof shall be issued or made by any Party until the Termination Date shall have occurred; provided, that prior to any such disclosures, the disclosing Party shall furnish the proposed disclosure in advance to the other Party with reasonable opportunity for such receiving Party to seek a protective order or confidential treatment of such disclosure.

k) Failure of Termination Date. In the event the Termination Date fails to occur on or before January 5, 2009, then and in such event this Termination Agreement shall automatically terminate and be of no further force and effect, except that Section 14 of this Termination Agreement shall survive.

l) Notices Requirements. Any notice, request, demand, waiver, consent, approval or other communication permitted or required under this Termination Agreement shall be in writing, shall refer specifically to this Termination Agreement and shall be deemed given only if delivered by hand or sent by facsimile transmission (with transmission confirmed) or by internationally recognized overnight delivery service that maintains records of delivery, addressed to the Parties at their respective addresses specified below or to such other address as the Party to whom notice is to be given may have provided to the other Party in accordance with this Section 15(l). Such Notice shall be deemed to have been given as of the date delivered by hand or transmitted by facsimile (with transmission confirmed) or on the second Business Day (at the place of delivery) after deposit with an internationally recognized overnight delivery service.

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[Signature page follows]

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IN WITNESS WHEREOF, each of AstraZeneca and Abraxis has caused this Termination Agreement to be executed and delivered by its duly authorized representative.