Nabi Biopharmaceuticals has signed a definitive agreement to sell PentaStaph (Pentavalent S. aureus Vaccine) and related assets to GlaxoSmithKline for as much as $46 million. Nabi will receive an initial cash payment of $20 million upon closing and an additional $26 million based on four milestones.
It is believed that the successful development of a vaccine against S. aureus is critical in the fight against Methicillin-resistant S. aureus (MRSA), an increasingly prevalent strain of the bacterium.
"We are very pleased that GSK is acquiring the PentaStaph program and undertaking its further development and commercialization in this area of high unmet medical need. This transaction is the next step in the execution of our strategic alternatives process and we are pleased to be able to generate near-term value from this program for our shareholders," said Dr. Raafat Fahim, president and chief executive officer of Nabi Biopharmaceuticals. "We believe in the potential of PentaStaph and are confident that GSK will continue to develop this vaccine into a successful weapon against the growing threat from Staphylococcus infection."
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