November 20, 2009
GlaxoSmithKline will invest up to a half-billion dollars for the right to market a nicotine vaccine being developed by Nabi Biopharmaceuticals, Reuters reported Nov. 16.
The pharmaceutical giant inked a deal that gives Nabi $40 million upfront to continue developing NicVAX, and Nabi potentially could receive more than $500 million from GlaxoSmithKline for the rights to market the drug worldwide and develop other versions of the vaccine.
Nabi recently received a $10-million grant from the National Institute on Drug Abuse for research on NicVAX, which triggers the immune system to attack nicotine molecules in the body.
Nabi’s stock rose sharply in value upon news of the GlaxoSmithKline deal.