ROCKVILLE, Md., Nov. 4, 2009 (GLOBE NEWSWIRE) -- Nabi Biopharmaceuticals (Nasdaq:NABI) announced that it has completed the sale of PentaStaph(TM) (Pentavalent S. aureus Vaccine) and related assets to GlaxoSmithKline PLC (GSK). The sale was announced in August of this year. Under the terms of the agreement, Nabi will receive cash payments of $21.5 million of which $20 million is associated with the PentaStaph transaction close, $1 million associated with the sale of a separate pre-clinical program for a vaccine against S.epidermedis, as well as $0.5 million as reimbursement for license fees and clinical materials previously manufactured for use in the Phase I trial. The remaining $26 million in payments contemplated in the transaction are associated with the completion of four milestones which the Company expects to complete within the next 16 months. These remaining milestones include initiation and completion of the Phase I trial, the successful transfer of specified materials and the successful transfer of technology. In connection with the sale, Nabi agreed to provide services to GSK related to the conduct of the Phase I trial and the transfer of the Staph program in exchange for reimbursement of Nabi’s expenses.
