Wednesday, December 9, 2009

Nabi Biopharma to Receive $5M from GSK

MSN Money reports that Nabi Biopharma is to receive a $5 million milestone payment from GlaxoSmithKline Biologicals Co as Nabi Biopharma announces the initiation of a Phase I/II clinical trial for two of the antigens in the PentaStaph vaccine candidate, which is now owned by GlaxoSmithKline Biologicals (GSK). As a result of the initiation of the trial, Nabi is eligible for and has invoiced GSK $5 million for successful completion of this milestone due under the agreement governing Nabi's sale of PentaStaph and related assets to GSK. This milestone payment was contingent on initiation of the Phase I clinical trial for two PentaStaph antigens that target the most virulent toxins produced by the bacteria.

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