ROCKVILLE, Md., Dec. 4 /PRNewswire-FirstCall/ -- Nabi Biopharmaceuticals 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.
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.
CONTACT: Investor Relations, +1-301-770-3099
Web site: http://www.nabi.com/