10/21, 9:33 AM (Source: TeleTrader)
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GSK sells two vaccines to Bavarian Nordic

Pharmaceutical giant GlaxoSmithKline PLC announced on Monday that it will sell two of its travel vaccines to Bavarian Nordic for an upfront payment of €301 million.

The company noted the anti-rabies vaccines Rabipur and Encepur for the prevention of tick-borne encephalitis will continue to be manufactured at its plant in Marburg, Germany, until full production is transferred to Bavarian Nordic. GSK noted it will also receive milestone payments of €495 million, as well as up to €955 million from the sale of inventory over the course of the supply arrangements.

"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," Roger Connor, president of Global Vaccines at GSK, stated.

GSK shares were down 0.21% at 9:32 am CET, while Bavarian Nordic plunged 4.01% at the same time.

Breaking the News / NP