GlaxoSmithKline PLC GSK divests two travel vaccines to Bavarian Nordic (4639Q)
21 Octubre 2019 - 02:00AM
UK Regulatory
TIDMGSK
RNS Number : 4639Q
GlaxoSmithKline PLC
21 October 2019
Issued: 21 October 2019, London UK
GSK agrees to divest rabies and tick-borne encephalitis vaccines
to Bavarian Nordic
GSK to receive upfront payment of approximately EUR301 million
(GBP259m) and milestone payments for a total consideration of up to
EUR955 million (GBP822m)
GlaxoSmithKline plc (LSE/NYSE: GSK) today announced the
divestment of travel vaccines Rabipur (tradename Rabavert in the
US) for the prevention of rabies, and Encepur for the prevention of
tick-borne encephalitis, to Bavarian Nordic.
The decision to divest these brands, acquired from Novartis in
2015 as part of the acquisition of its vaccines business, supports
GSK's strategic intent to increase focus and reinvest in growth
assets, innovation and a simplified supply chain in its vaccines
business.
Roger Connor, President, Global Vaccines at GSK, said: "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."
GSK will receive an upfront payment of approximately EUR301
million (GBP259m) and will also receive milestone payments of
EUR495 million and additional proceeds from the sale of inventory
over the course of the supply arrangements for a total
consideration of up to EUR 955m. The value of inventory at the
anticipated closing date is estimated to be EUR 159 million. EUR
25m (GBP22m) of the total consideration is conditional upon future
sales performance of the two vaccines. Milestones are payable upon
successful technology transfer, marketing authorisation transfers
and the fulfilment of GSK's supply commitments until Bavarian
Nordic obtains regulatory approval to manufacture the vaccines.
To ensure supply continuity both vaccines will continue to be
manufactured primarily at GSK's Marburg site in Germany until full
production is transferred to Bavarian Nordic. The staged technology
transfer is expected to commence in Q1 2020 with completion
anticipated within 5 years.
No employees or manufacturing facilities are being transferred
as part of this transaction. The transaction is expected to close
by the end of 2019 and is conditional upon anti-trust approval as
well as approval of Bavarian Nordic's rights issue by its
shareholders.
About Rabipur (Tradename Rabavert in US and Canada)
Rabipur is a well-established life-saving vaccine (rabies virus
causes acute invariable fatal disease) with 30 years of market
experience supported by extensive clinical and safety evidence and
WHO pre-qualification. It is indicated both in persons bitten by
suspect animals (PEP([1]) ) and non-immune subjects at risk of
rabies (PrEP([2]) () .
About Encepur
Encepur is indicated for active immunization of high-risk
populations against tick-borne encephalitis (TBE). It has unique
dosing flexibility supported by proven efficacy and long-term
persistence data.
About GSK
GSK is a science-led global healthcare company with a special
purpose: to help people do more, feel better, live longer. For
further information please visit www.gsk.com.
About Bavarian Nordic
Bavarian Nordic is a Denmark-based, fully-integrated
biotechnology company specializing in the research, development and
manufacture of active cancer immunotherapies and vaccines for
infectious diseases.
GSK enquiries:
UK Media enquiries: Simon Steel +44 (0) 20 8047 (London)
5502
Simon Moore +44 (0) 20 8047 (London)
5502
US Media enquiries: Kristen Neese (Philadelphia)
Mary Rhyne +1 215 751 3335 (Philadelphia)
Analyst/Investor Sarah Elton-Farr +44 (0) 208 047 (London)
enquiries: 5194
Danielle Smith +44 (0) 20 8047 (London)
7562
James Dodwell +44 (0) 20 8047 (London)
2406
Jeff McLaughlin +1 215 751 7002 (Philadelphia)
Cautionary statement regarding forward-looking statements
GSK cautions investors that any forward-looking statements or projections
made by GSK, including those made in this announcement, are subject
to risks and uncertainties that may cause actual results to differ materially
from those projected. Such factors include, but are not limited to,
those described under Item 3.D 'Principal risks and uncertainties' in
the company's Annual Report on Form 20-F for 2018.
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Registered Office:
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Brentford, Middlesex
TW8 9GS
[1] Post-Exposure Prophylaxis, i.e., after known or possible
exposure to rabies virus
[2] Pre-exposure Prophylaxis, i.e., administered before possible
exposure to rabies virus
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END
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