Nabi Pharmaceuticals develops strategic business plan to increase cash, shareholder value

By Angela McDaniels

Seattle, May 1 -Nabi Pharmaceuticals said it has developed and is executing a strategic business plan that will "create shareholder value."

This follows shareholder Third Point LLC's request on April 18 that Nabi look at strategic alternatives. Third Point owns 5 million shares or 8.4% of Nabi's stock, according to an SC 13D filed with the Securities and Exchange Commission.

Separately, Knott Partners Management LLP said Nabi should retain an investment banker to explore strategic alternatives, including the possible sale of the company. Knott Partners Management owns 9.5% of Nabi's common stock.

On Monday, Nabi chairman, chief executive officer and president Thomas H. McLain said in a letter to Third Point CEO Daniel S. Loeb that the company's operating focus for the next two years is to generate increased cash returns from operations and to advance product development programs.

McLain said the company will accomplish these goals by "optimizing the value of current operations, by building value through strategic partnerships and commercial alliances and by proving value in key research and development programs through proof-of-concept clinical studies."

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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