BOCA RATON, Fla., Nov. 14 /PRNewswire-FirstCall/ -- Nabi
Biopharmaceuticals (Nasdaq: NABI) announced today that it has completed the
previously announced sale of PhosLo(R) (calcium acetate) and the product's
related assets to a US subsidiary of Fresenius Medical Care ("Fresenius")
for consideration of up to $150 million in up front cash, milestone
payments, and royalties on sales of a new product formulation under
development.
Fresenius has paid Nabi Biopharmaceuticals $65 million in cash and will
pay an additional $20 million upon the successful completion of certain
milestones, $5 million of which will be paid within five business days of
the closing. Fresenius has also acquired rights to a new product
formulation currently under development, which Nabi expects will be
submitted for licensure in the US during 2007. Following the successful
launch of this new product formulation, Fresenius will pay Nabi
Biopharmaceuticals royalties on sales of the new product formulation over a
base amount for 10 years after the closing date until total consideration
paid in the transaction reaches $150 million.
In connection with the sale, Fresenius has assumed the prosecution of
the Roxane patent litigation. Additionally, a number of Nabi
Biopharmaceuticals' sales and marketing staff will move with PhosLo to
Fresenius' team to continue to promote and market the product, and Nabi
Biopharmaceuticals will maintain an appropriately-sized sales force to meet
the sales needs of the company's other products.
Thomas H. McLain, chairman, chief executive officer and president, Nabi
Biopharmaceuticals, commented, "The PhosLo sale demonstrates our commitment
to building value for all Nabi Biopharmaceuticals shareholders. While we
believe in the value of PhosLo, the product was no longer strategically
aligned with our broader commercialization efforts. The sale of this
product strengthens our financial position and demonstrates our commitment
to our core goal of optimizing the value from our operations by focusing on
our most promising assets. Additionally, Nabi Biopharmaceuticals, in
consultation with its outside advisors, is continuing to explore the full
range of strategic alternatives available to the company to further enhance
shareholder value."
About PhosLo(R)
PhosLo(R) is administered orally, and when given with food, it combines
with dietary phosphate to form insoluble calcium phosphate complexes that
are eliminated from the body, thereby reducing phosphorus absorption,
helping to prevent excess blood phosphorus levels. Patients should have
serum calcium levels closely monitored and their dose of PhosLo adjusted or
terminated to bring levels to normal. PhosLo is contraindicated in patients
with hypercalcemia. No other calcium supplements should be given
concurrently with PhosLo. PhosLo is well tolerated. Nausea, hypercalcemia,
and pruritus (itching) have occasionally been reported during PhosLo
therapy.
About Nabi Biopharmaceuticals
Nabi Biopharmaceuticals leverages its experience and knowledge in
powering the immune system to develop and market products that fight
serious medical conditions. The company has two products on the market
today: Nabi-HB(R) [Hepatitis B Immune Globulin (Human)], and Aloprim(TM)
(allopurinol sodium) for Injection. Nabi Biopharmaceuticals is focused on
developing products that address unmet medical needs and offer commercial
opportunities in our core business areas: Hepatitis and transplant,
Gram-positive bacterial infections and nicotine addiction. For a complete
list of pipeline products, please go to:
http://www.nabi.com/pipeline/index.php. The company is headquartered in
Boca Raton, Florida. For additional information about Nabi
Biopharmaceuticals, please visit our website: http://www.nabi.com.
Forward-Looking Statements
Statements in this press release about the company that are not
strictly historical are forward-looking statements and include statements
related to our plans to explore strategic alternatives and prospects. You
can identify these forward-looking statements because they involve our
expectations, beliefs, intentions, plans, projections, or other
characterizations of future events or circumstances. These forward-looking
statements are not guarantees of future performance and are subject to
risks and uncertainties that may cause actual results to differ materially
from those in the forward-looking statements as a result of any number of
factors. These factors include, but are not limited to, risks relating to
the company's ability to advance the development of products currently in
the pipeline or in clinical trials; maintain the human and financial
resources to commercialize current products and bring to market products in
development; obtain regulatory approval for its products in the U.S.,
Europe or other markets; successfully develop, manufacture and market its
products; successfully partner with other companies; realize future sales
growth for its biopharmaceutical products; maintain sufficient intellectual
property protection or positions; raise additional capital on acceptable
terms; re-pay its outstanding convertible senior notes when due; and
identify and complete transactions that represent strategic alternatives
and opportunities. Many of these factors are more fully discussed, as are
other factors, in the company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2005 and Quarterly Report on Form 10-Q for the
Quarter ended July 1, 2006 filed with the Securities and Exchange
Commission.
SOURCE Nabi Biopharmaceuticals
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Related links:
http://www.nabi.com
http://www.nabi.com/pipeline/index.php
CONTACT:
Thomas E. Rathjen, Vice President, Investor
Relations of Nabi Biopharmaceuticals, +1-561-989-5800
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