GlaxoSmithKline to Sell Two Former Novartis Vaccines for up to EUR955 Million
October 21 2019 - 4:12AM
Dow Jones News
By Ian Walker
Pharmaceutical giant GlaxoSmithKline PLC (GSK.LN) said Monday
that it is selling its rabies and tick-borne encephalitis vaccines
to Bavarian Nordic AS (BAVA.KO) for up to 955 million euros ($1.07
billion).
Glaxo said the sale of the vaccines--which were bought as part
of Novartis AG's (NOVN.EB) vaccine business in 2015--is in line
with its plan to simplify the vaccines business.
Glaxo will receive an upfront payment of EUR301 million,
milestone payments of EUR495 million and extra payments from
inventory sales estimated at EUR159 million.
"This agreement with Bavarian Nordic will enable us to commit
greater resources to our key growth assets and to our R&D
pipeline, while also ensuring the continued supply of these
important and successful vaccines," said Glaxo's President of
Global Vaccines Roger Connor.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 21, 2019 03:57 ET (07:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Gsk (LSE:GSK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gsk (LSE:GSK)
Historical Stock Chart
From Apr 2023 to Apr 2024
