Nabi Biopharmaceuticals
(NDAQ:NABI) announced today that it has agreed to sell its Nabi
Biologics division for German drugmaker Biotest AG for $185 million,
according to an
8-K filing
with the SEC. The move marks a successful start to the company's
strategic alternatives process initiated from activist investor Robert
Chapman's Chapman Capital.
"This agreement definitively puts us
on the final path to a successful outcome of our strategic alternatives
process," said Dr. Leslie Hudson, Interim President and Chief Executive
Officer of Nabi. "We feel this transaction not only will realize value
for Nabi shareholders but also will allow us to build on the promise of
our Pharmaceuticals SBU pipeline."
Once the sale is complete,
Nabi will begin its new life in Rockville, Md. and continue to seek a
partner to commercialize its nicotine and Staphylococcus aureus
vaccines, the lead products remaining in its pipeline. Chapman and
other large investors have yet to respond to the buyout offer.
In
the end this sale priced at roughly $3.03/share could cause problems
for Chapman, who previously stated that the company could get $5/share
for the unit. However, the cash infusion is certainly good news for
shareholders as it provides the company with capital and allows them to
increase their focus on developing their remaining pipeline and finding
a commercial partner. Combined, these factors make NABI a stock
worth watching!
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