By Chelsea Stevenson
Nabi Biopharmaceuticals (NABI) intends to repurchase up to $23
million of stock through a modified Dutch auction self-tender
offer.
A modified "Dutch auction" tender offer allows shareholders to
indicate how many shares and at what price they wish to tender
their stock.
The developer of nicotine addiction treatments said it will pay
between $1.58 and $1.72 a share in the self-tender offer scheduled
to expire at midnight July 30.
Shares closed Friday at $1.58 and were inactive premarket. The
stock is down 71% over the last 12 months.
Nabi had 42.9 million shares outstanding as of April 30.
In April, influenza drug developer Biota Holdings Ltd. (BTA.AU)
agreed to merge with Nabi in an effort to gain access to the U.S.
capital markets. The merged entity would be known as Biota
Pharmaceuticals, with existing Biota shareholders holding about 74%
of the company and Nabi shareholders having the remainder.
Nabi reported in May it swung to a first-quarter loss as revenue
dropped sharply.
Write to Chelsea Stevenson at chelsea.stevenson@dowjones.com