Chapman Capital Supports Sale of Nabi Biologics Division of Nabi Biopharmaceuticals
LOS ANGELES, June 15 /PRNewswire/ -- Chapman Capital L.L.C., investment advisor to two investment funds that together own 6.6% of the common shares of Nabi Biopharmaceuticals , today announced its support for the maximization of Nabi shareholder value via a three-step transaction. This mandate, conveyed to Nabi's Board of Directors by nearly 40% of Nabi's ownership base, has been defined as follows: 1) FDA approval of Nabi's BLA for Nabi-HB(R) Intravenous; 2) the distribution of the proceeds from the sale of Nabi Biologics; and 3) partnering/licensing of Nabi's vaccine pipeline led by smoking cessation drug, NicVAX(R) (Nicotine Conjugate Vaccine).
Robert L. Chapman, Jr., Managing Member of Chapman Capital, commented, "Unlike many of our activist targets, Nabi is not yet worthy of our disdain or disgust. The Company has taken the necessary steps to prepare for its restructuring and recapitalization. Nabi has bifurcated itself into two strategic business units to facilitate the successful completion of its strategic alternatives process being overseen by Banc of America Securities, and has committed to reduce further its cost structure and cash burn. These developments give Chapman Capital confidence that Nabi CEO Dr. Leslie Hudson is a man of his word, with that word being 'execution' (walk) and not the formerly insuperable one of 'vision' (talk)."
Chapman Capital today filed a Schedule 13D with the Securities and Exchange Commission detailing the circumstances and background underlying its views. Such filing is available at http://www.sec.gov.
Chapman Capital L.L.C. is a Los Angeles, CA based investment advisor focusing on takeover and turnaround investing. The firm is the registered investment advisor to Chap-Cap Partners II Master Fund, Ltd. and Chap-Cap Activist Partners Master Fund, Ltd., the combined owners of approximately 6.6% of Nabi Pharmaceuticals' common shares. Over the past eleven years, Chapman Capital has agitated successfully for the restructuring or sale of over twenty five publicly-traded companies, including recently closed transactions involving Entertainment Distribution Company, Inc./Glenayre Messaging, Carreker Corporation and Sunterra Corporation, and pending transactions involving Embarcadero Technologies, Inc., Agile Software Corporation and Howie Lutnick's eSpeed, Inc. Mr. Chapman previously was employed by Goldman Sachs & Co., Scudder Stephens, & Clark, and NatWest Bank USA. Related news releases, as well as additional information on Chapman Capital, may be found at http://www.chapmancapital.com.
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 one product on the market today: Nabi-HB(R) [Hepatitis B Immune Globulin (Human)]. 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. The company recently announced that it intends to form two strategic business units: Nabi Biologics and Nabi Pharmaceuticals. Nabi Biologics will have responsibility for the company's protein and immunological products and development pipeline, including Nabi-HB(R). Nabi Pharmaceuticals will have responsibility for the NicVAX(R) (Nicotine Conjugate Vaccine) and StaphVAX(R)-Pentavalent (Staphylococcal Polysaccharide Conjugate and Toxoid Vaccine) development programs, as well as for the continuing milestone-related clinical development obligations following the sale of PhosLo(R) (calcium acetate). Related news releases, as well as additional information on Nabi, may be found at http://www.nabi.com.
Chapman Capital L.L.C.CONTACT: R. Jordan Frenkel of Chapman Capital L.L.C., +1-310-662-1900,ext. 209