Nabi Biopharma sells PentaStaph assets to GSK for $46 mn

Nabi Biopharmaceuticals has signed a definitive agreement for the sale of PentaStaph (Pentavalent S. aureus Vaccine) and related assets to GlaxoSmithKline (GSK) for a total consideration of up to $46 million. 

Under the terms of the agreement, Nabi will receive an initial cash payment of $20 million when the transaction closes plus an additional $26 million contingent upon four milestone accomplishments. The sale is subject to satisfaction of certain customary closing conditions by the buyer and seller prior to closing. Nabi anticipates closing the sale before year-end 2009 and completing the milestones within the next 18 months