Nabi Biopharmaceuticals Announces Waiver of Cash Reserve Tender Offer Condition

Published: Jul 19, 2012

ROCKVILLE, Md., July 19, 2012 (GLOBE NEWSWIRE) -- Nabi Biopharmaceuticals (Nasdaq:NABI) (the "Company") announced today, in connection with its previously announced tender offer (for up to $23 million in value of its common stock at a price per share not less than $1.58 and not greater than $1.72), that it is waiving the following condition to the tender offer: that no event or circumstances exist that would be reasonably likely to cause the Company to determine that it will not have a net closing cash balance in excess of $54 million immediately prior to the completion of the proposed transaction between the Company and Biota Holdings Limited ("Biota"). As previously disclosed, under the merger implementation agreement with Biota, the Company is required to have a net closing cash balance of at least $54 million at the closing of the transaction.

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