Nabi Biopharmaceuticals Creates Pharmaceuticals Business Unit
Nabi Biopharmaceuticals has created the second of its two planned strategic business units (SBU), Nabi Pharmaceuticals. Nabi Pharmaceuticals is responsible 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 development obligations following the sale of PhosLo(R) (calcium acetate).
In connection with the reorganization required to support the business strategy of the new SBU, the company eliminated 33 positions in its Rockville, Maryland research and development facility. This reduction - approximately 5 percent of the company's total current workforce - is expected to yield approximately $3.3 million in savings on an annualized basis.
"The creation of Nabi Pharmaceuticals is another critical step forward for Nabi as we get closer to successfully concluding our strategic alternatives process, supported by Banc of America Securities, and securing a partner for our NicVAX and StaphVAX programs," said Dr. Leslie Hudson, Interim President and Chief Executive Officer of Nabi Biopharmaceuticals. "We also recently brought on Dr. Matthew W. Kalnik to drive our Nabi Pharmaceuticals partnership discussions. These and other actions recently taken by the company are designed to facilitate our strategic alternatives and partnership processes and maximize the value of Nabi and our pipeline."
The company announced last month that it had created the Nabi Biologics SBU, as well as a Corporate Shared Services group to support these business units.
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