ROCKVILLE, Md., Dec. 4 /PRNewswire-FirstCall/ -- Nabi
Biopharmaceuticals (Nasdaq: NABI) announced today that it has completed the
sale of assets constituting its Biologics strategic business unit (SBU) to
Biotest Pharmaceuticals Corporation, a wholly-owned subsidiary of Biotest
AG, for $185 million in cash. Subject to the interim arrangements described
below, Biotest has acquired or will acquire the Biologics SBU's products,
including Nabi- HB(R) and other plasma business assets, including Nabi's
state-of-the-art plasma protein production plant and nine FDA-certified
plasma collection centers across the U.S. The acquisition also includes
certain of Nabi's Corporate Shared Services group assets, the company's
Boca Raton, Florida headquarters and other facilities as well as the
assumption of certain liabilities.
Nabi Biopharmaceuticals is now headquartered in Rockville, Maryland.
Nabi will retain, on an interim basis pending Biotest's receipt of
certain Florida regulatory approvals and licenses, title to all Nabi-HB(R)
inventory and work-in-progress, and regulatory oversight and operational
authority for the manufacture, marketing, distribution and sale of
Nabi-HB(R). Upon receipt of such regulatory approvals, title to Nabi-HB(R)
inventory and work-in- progress, and oversight and authority for the
manufacture, marketing, distribution and sale of Nabi-HB(R) will transfer
to Biotest. During the interim period prior to receipt of such approvals,
revenues and expenses relating to Nabi-HB(R) sales shall be attributed to
Biotest and Biotest shall indemnify Nabi for liability arising from
post-closing conduct of the Biologics SBU.
"The completion of this transaction marks a significant milestone in
our strategic alternatives process. Nabi is now focused on building and
realizing the significant value of Nabi's remaining assets including
NicVax, our proprietary smoking cessation vaccine for treatment of nicotine
addiction and prevention of smoking relapse, StaphVax, and our cash and
PhosLo milestone and royalty opportunities," said Dr. Leslie Hudson,
Interim President and Chief Executive Officer of Nabi.
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 gram positive bacterial infections and nicotine
addiction. Nabi Biopharmaceuticals is currently developing NicVAX, an
innovative and proprietary investigational vaccine for treatment of
nicotine addiction and prevention of smoking relapse, and StaphVAX, a
vaccine designed to prevent the most dangerous and prevalent strains of S.
aureus bacterial infections. The company is headquartered in Rockville,
Maryland. For additional information about Nabi Biopharmaceuticals, please
visit our Web site: http://www.nabi.com.
Forward-Looking Statements
Statements in this release that are not strictly historical are
forward- looking statements including statements about our strategic
alternatives process and clinical trials and studies. You can identify
these forward- looking statements because they involve our expectations,
beliefs, projections, anticipations 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 our strategic
alternatives process and our ability to: successfully partner with third
parties to fund, develop, and manufacture our pipeline products, including
NicVAX and our gram-positive infections products; obtain successful
clinical trial results; realize anticipated cost savings related to job
elimination due to greater than anticipated severance-related costs or
other factors; maintain a sufficient cash balance and generate sufficient
cash flow from milestone or royalty payments to fund our development and
commercialization activities; attract and maintain the human and financial
resources to bring to market products in development; depend upon third
parties to manufacture or fill our products; achieve approval and market
acceptance of our products; enter into and maintain arrangements with third
parties to market and sell our products; manufacture NicVAX or other
products; comply with reporting and payment obligations under government
rebate and pricing programs; raise additional capital on acceptable terms,
or at all; and re-pay our outstanding convertible senior notes when due.
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, 2006 and our Quarterly Report on Form 10-Q for the quarter ended
September 29, 2007 filed with the Securities and Exchange Commission.
SOURCE Nabi Biopharmaceuticals
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Related links:
http://www.nabi.com
CONTACT:
Investor Relations, +1-301-770-3099
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