Company News: GlaxoSmithKline and Nabi

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GlaxoSmithKline acquired exclusive worldwide rights to in-license a nicotine-addiction vaccine developed by Nabi and to use the biotech firm's technology to develop its own vaccines. GSK will pay Nabi a $40-million upfront for the option of in-licensing NicVAX following completion of phase III testing. Nabi can receive as much as $500 million in option fees and regulatory, development and sales milestones for NicVAX, as well as from any second-generation GSK nicotine vaccines. Should GSK exercise its option, Nabi is also entitled to receive double-digit royalties on global sales of NicVAX and any follow-on products. The deal is expected to close in first quarter 2010.
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