Abraxis BioScience Inc. said on Monday it plans to separate its hospital-based product business from its oncology and research business and create two publicly traded companies.

The deal calls for each Abraxis shareholder to own one share of the hospital products unit, Abraxis Pharmaceutical Products, and one share of the new Abraxis BioScience for each share previously held.

As part of the move, Abraxis said it has received commitments for a funded $1.3 billion term loan and an unfunded $150 million revolving credit facility.