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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.
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(END) Dow Jones Newswires
October 21, 2019 03:57 ET (07:57 GMT)
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