Nabi sells kidney drug for $150 million

Fresenius has paid Nabi Biopharmaceuticals $65 million in cash and will pay an additional $20 million upon the successful completion of certain milestones. Fresenius has also acquired rights to a new product formulation currently under development, which Nabi expects will be submitted for licensure in the US during 2007.

In connection with the sale, Fresenius has assumed the prosecution of patent litigation which Nabi filed in 2005 against Roxanne Laboratories over infringement of its PhosLo gelcap patent. A number of Nabi Biopharmaceuticals’ sales and marketing staff will move with PhosLo to Fresenius to continue to promote and market the product.

“While we believe in the value of PhosLo, the product was no longer strategically aligned with our broader commercialization efforts. The sale of this product strengthens our financial position and demonstrates our commitment to our core goal of optimizing the value from our operations by focusing on our most promising assets,” commented Thomas McLain CEO and president, Nabi Biopharmaceuticals.

PhosLo is indicated for the control of hyperphosphatemia (elevated serum phosphorus levels) in patients with end-stage kidney disease.