Nabi Biopharmaceuticals Announces Agreement to Sell Aloprim
BOCA RATON, Fla., April 19, 2007 /PRNewswire-FirstCall/ -- Nabi Biopharmaceuticals today announced that it has executed a definitive agreement to sell its Aloprim(TM) (allopurinol sodium) for Injection product to Bioniche Teoranta. Bioniche Teoranta is based in Ireland and is part of Bioniche Pharma Group. The aggregate sale proceeds for Aloprim is $3.7 million -- Nabi will receive $1.3 million at closing, $1.4 million at the end of 2007 and $1.0 million at the end of 2008. The closing of the transaction is subject to customary closing conditions and is expected to be completed during the second quarter.
"When we recently announced our intent to form two strategic business units -- Nabi Biologics and Nabi Pharmaceuticals -- we determined Aloprim was no longer a strategic component of our product portfolio," said Dr. Leslie Hudson, Interim President and Chief Executive Officer of Nabi. "This sale marks another step for Nabi toward the realization of our strategic plan."
The company also announced today that it will report its 2007 first quarter financial results on Wednesday, May 2, 2007, after market close. The company will host a live webcast at 4:30 p.m. ET that day to discuss these results.
The live webcast can be accessed at http://phx.corporate- ir.net/phoenix.zhtml?p=irol-eventDetails&c=100445&eventID=1523652 or via the Nabi Biopharmaceuticals website at http://www.nabi.com. If you do not have Internet access, the U.S./Canada call-in number is (800) 901-5259, conference code 52348815, and the international call-in number is (617) 786-4514, conference code 52348815. An audio replay will be available for U.S./Canada callers at (888) 286-8010, conference code 36684499, and for international callers at (617) 801-6888, conference code 36684499.
An archived version of the webcast will be available at the same Internet address through May 9, 2007. The audio replay also will be available through May 9, 2007. The press release will be available on the company's website at http://www.nabi.com.
About Nabi Biopharmaceuticals
Nabi Biopharmaceuticals leverages its experience and knowledge in powering the immune system to develop and market products that fight serious medical conditions. The company has two products on the market today: Nabi-HB(R) [Hepatitis B Immune Globulin (Human)], and Aloprim(TM) (allopurinol sodium) for Injection. Nabi Biopharmaceuticals is focused on developing products that address unmet medical needs and offer commercial opportunities in our core business areas: Hepatitis and transplant, Gram-positive bacterial infections and nicotine addiction. The company recently announced that it intends to form two strategic business units: Nabi Biologics and Nabi Pharmaceuticals. Nabi Biologics will have responsibility for the company's protein and immunological products and development pipeline, including Nabi-HB. Nabi Pharmaceuticals will have responsibility for the NicVAX(R) (Nicotine Conjugate Vaccine) and StaphVAX(R) (Staphylococcus aureus Polysaccharide Conjugate Vaccine) development programs, as well as for the continuing milestone-related clinical development obligations following the sale of PhosLo(R) (calcium acetate). For more information about these business units and a complete list of pipeline products, please go to: http://www.nabi.com/pipeline/index.php. The company is headquartered in Boca Raton, Florida. For additional information about Nabi Biopharmaceuticals, please visit our website: http://www.nabi.com.
Statements in this press release about the company that are not strictly historical are forward-looking statements and include statements related to our agreement to sell Aloprim and the anticipated proceeds from the sale. You can identify some of these forward-looking statements because they involve our expectations, beliefs, intentions, plans, projections, goals, objectives, or other characterizations of future events or circumstances. These forward- looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements as a result of any number of factors. These factors include, but are not limited to, risks relating to the company's ability to close the Aloprim transaction and collect the anticipated proceeds from the sale; and complete transactions that represent strategic alternatives and opportunities generally. Certain of these factors and other factors are discussed in the company's Annual Report on Form 10-K for the fiscal year ended December 30, 2006.
CONTACT: Keri P. Mattox, Investor Relations, Nabi Biopharmaceuticals,+1-561-989-5800
Ticker Symbol: (NASDAQ-NMS:NABI)
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Posted: April 2007