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news.Nabi Biopharmaceuticals (Nabi) GlaxoSmithKlineBiologicals SA (GSK) have closed their exclusive option and license agreement for NicVAX (Nicotine Conjugate Vaccine).
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As per the agreement, Nabi will be entitled to receive an upfront payment of $40m and GSK will be granted an option to exclusively in-license NicVAX on a worldwide basis and a license to develop nicotine vaccines using Nabi’s intellectual property.
In addition, Nabi will be eligible to receive up to $460m in potential option fees and regulatory, development and sales milestones for NicVAX and follow-on nicotine vaccines.
Furthermore, Nabi is also expected to receive royalties on global sales of NicVAX should GSK exercise its option, as well as royalties on global sales of next generation nicotine vaccines developed by GSK based on intellectual property licensed from Nabi.
Raafat Fahim, president and CEO of Nabi, said: “The closing of this agreement marks the culmination of our strategic alternatives process. We, along with our strategic partner, GSK are fully focused on realizing the significant value of NicVAX through the successful development and commercialization of this product.”