Nabi Pharmaceuticals shareholder Knott pressures management to explore strategic alternatives

By Angela McDaniels

Seattle, April 19 - Nabi Pharmaceuticals shareholder Knott Partners Management LLP said Nabi should retain an investment banker to explore strategic alternatives, including the possible sale of the company, according to an SC 13D/A filed with the Securities and Exchange Commission.

"From most shareholders' perspectives, an investment in Nabi has not been a profitable one. Indeed, the stock went public at $8.00 in 1969 and within the last three months traded at less than half that price," Knott Partners Management general partner Anthony Campbell said in a letter to Nabi chairman, president and chief executive officer Thomas H. McLain.

"During the years of your management the company has on numerous occasions missed revenue projections and scientific milestones.

"In addition, it is our understanding that you have repeatedly ignored calls from major companies seeking to buy Nabi. Why have you not, at least, listened to what they have to offer?"

Knott Partners Management owns 9.5% of Nabi's common stock (Nasdaq: NABI), which rose 3.64% to close at $6.55 on Wednesday.

On Tuesday, Third Point LLC also called on Nabi to look at strategic alternatives. Third Point owns 5 million shares or 8.4% of Nabi's stock, according to an SC 13D.

Nabi is a biopharmaceutical company based in Boca Raton, Fla., developing drugs that help the immune system fight serious medical conditions.

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