Nabi Biopharmaceuticals to Buy Back $23 Million of Stock in Self-Tender Offer
07/02/2012| 08:03am US/Eastern
By Chelsea Stevenson
Nabi Biopharmaceuticals (>> Nabi Biopharmaceuticals) intends to repurchase up to $23 million of stock through a modified Dutch auction self-tender offer.
A modified "Dutch auction" tender offer allows shareholders to indicate how many shares and at what price they wish to tender their stock.
The developer of nicotine addiction treatments said it will pay between $1.58 and $1.72 a share in the self-tender offer scheduled to expire at midnight July 30.
Shares closed Friday at $1.58 and were inactive premarket. The stock is down 71% over the last 12 months.
Nabi had 42.9 million shares outstanding as of April 30.
In April, influenza drug developer Biota Holdings Ltd. (>> Biota Holdings Ltd.) agreed to merge with Nabi in an effort to gain access to the U.S. capital markets. The merged entity would be known as Biota Pharmaceuticals, with existing Biota shareholders holding about 74% of the company and Nabi shareholders having the remainder.
Nabi reported in May it swung to a first-quarter loss as revenue dropped sharply.
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