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Case study - Abraxis Bio Science
Client Summary Abraxis Bio Science (‘Abraxis’) operated in Europe from 2008 to 2012. Their primary business was the distribution of the Abraxane cancer treatment that was been developed within the group.
Abraxis established a network of sales and marketing operations throughout six European territories the UK, Netherlands, Italy, Germany, France and Spain. As well as providing marketing support to these operations the offices obtained the necessary licenses for the sale of the company’s product and co-ordinated distribution via a third party provider. The European group was owned by a NASDAQ listed entity from the US, which was headquartered on the West Coast.
Problem and Solution
Fluency provided Abraxis with accounting and administration services from the moment operations were established in Europe until the point where the group was sold in 2011. During that time Fluency not only completed the necessary administration, bookkeeping and payments to suppliers but also co-ordinated higher value work that is specific to Abraxis such as:
- Liaison with the worldwide auditors regarding transfer pricing and the impact this had on the European operations. This led to revisions of the European financial statements and associated taxations.
- A number of short notice accounting period closes as part of the sale process to very tight deadlines. These were managed whilst incorporating a considerable number of revisions and reporting requirements.
- The preparation of the year end accounts accountants in each country along with the worldwide auditors to prepare the initial drafts and help to coordinate any adjustments arising during the audit process.
- Assistance with the transition of information to a shared service centre operated by the purchaser including translation of our data into a new account code structure and an orderly wind down of the operations of entities that are becoming dormant.
Abraxis were able to rely on the SOC 1 (formerly SAS 70) accreditation that Fluency had in place as a part both of their listing and the due diligence regarding the sale process.
Mark Fox, the European Finance Director for Abraxis, commented “Fluency were there for us every step of the way as we established the business at short notice in Europe, grew considerably over our time operating as Abraxis and then transitioned across to a new structure following the purchase.
Fluency provided an outsourcing model to undertake the day-to-day duties and assist with additional adhoc requirements which provide flexibility in dealing with challenges and demands allowing me to focus on the higher level issues and tasks were expected from an FD”.