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Company to Receive $8 Million Payment from GlaxoSmithKline Biologicals
ROCKVILLE, MD, USA | February 8, 2010 | Nabi Biopharmaceuticals (Nasdaq:NABI) announced today that it has successfully completed the manufacture and transfer of specified materials associated with the sale of the PentaStaph(TM) vaccine candidate to GlaxoSmithKline Biologicals (GSK). As a result of completing this transfer, Nabi is eligible for and has invoiced GSK $8 million for successful completion of this milestone due under the agreement governing Nabi's sale of PentaStaph(TM) (Pentavalent S. aureus Vaccine) and related assets to GSK.
Nabi sold PentaStaph to GSK for a total consideration of $46 million, including $26 million associated with accomplishing four milestone tasks. Nabi has earned a total of $13 million in PentaStaph milestone payments to date. The remaining $13 million in payments contemplated in the transaction are associated with two milestones that include completion of the Phase I trial and the successful transfer of technology. In addition to the milestone payments earned thus far, Nabi received a cash payment of $21.5 million when the transaction closed in November 2009 that included $20 million associated with the transaction close, $1 million associated with the sale of a separate pre-clinical program for a vaccine against S.epidermedis and $0.5 million as reimbursement for license fees and clinical materials previously manufactured for use in the Phase I trial.
"We continue to make good progress toward realizing the significant value of the PentaStaph asset sale," said Dr. Raafat Fahim, President and Chief Executive Officer of Nabi Biopharmaceuticals. "We have completed two of the four milestone tasks under this agreement and expect to accomplish the remaining milestones within the next twelve months."
About Nabi Biopharmaceuticals
Nabi Biopharmaceuticals leverages its experience and knowledge in powering the immune system to develop products that target serious medical conditions in the areas of nicotine addiction and gram-positive bacterial infections. Nabi Biopharmaceuticals is currently developing NicVAX(R) (Nicotine Conjugate Vaccine), an innovative and proprietary investigational vaccine for treatment of nicotine addiction and prevention of smoking relapse. The company is headquartered in Rockville, Maryland. For additional information about Nabi Biopharmaceuticals, please visit www.nabi.com
SOURCE: Nabi Biopharmaceuticals |
