Nabi Biopharmaceuticals Announces Withdrawal of Biotest Pharmaceuticals's Indemnification Claim
Published: Nov 04, 2009
ROCKVILLE, Md., Nov. 3, 2009 (GLOBE NEWSWIRE) -- Nabi Biopharmaceuticals (Nasdaq:NABI) today announced that Biotest Pharmaceuticals Corporation has withdrawn the claim and agreed to release the remaining $5.7 million of the original $56 million indemnification claim made on March 31, 2009 against Nabi. Earlier this year, Biotest also withdrew a $50.4 million indemnification claim. This withdrawal settles the last of the outstanding indemnification claims made by Biotest in March relating to assets transferred to Biotest as part of Nabi's sale of its biologics business unit to Biotest in December 2007. Together with Nabi, Biotest will instruct the escrow agent to release $5.7 million of the remaining funds held in escrow to support indemnification claims.