Glaxo Buys Nabi Staph Infection Vaccine for $46M

Nabi Biopharmaceuticals said Thursday it sold its staph infection vaccine PentaStaph to British drugmaker GlaxoSmithKline PLC in a deal worth as much as $46 million.

Nabi said it will receive $20 million upfront, with the rest of the payments depending on four undisclosed milestones being accomplished. It said it expects the sale to close by the end of the year, and said it believes it will complete the four milestones within 18 months.

Staph infections are caused by a drug-resistant strain of bacteria often found in hospitals. PentaStaph is being tested against three different strains of staph and two other antigens.

Rockville, Md.-based Nabi also reported its second-quarter results Thursday, and in aftermarket trading, its shares jumped 25 cents, or 9.9 percent, to $2.78 from $2.53.

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