(Alliance News) - GlaxoSmithKline PLC said Monday it sold two travel vaccines to Bavarian Nordic for up to EUR955 million as it looks to refocus its portfolio on growth assets.
The FTSE 100-listed drugs firm sold rabies vaccine Rabipur and tick-borne encephalitis to Encepur for Bavarian for an initial EUR301 million upfront payment and additional milestones payments. In total, GSK could receive up to EUR955 million from the sale of the assets.
GSK acquired the vaccines as part of its 2015 purchase of the vaccines business of Swiss peer Novartis AG. The sale of the vaccines supports its increase focus to reinvest in growth assets as well as simplify the supply chain of its vaccines unit.
"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 Global Vaccines President Roger Connor said.
Shares in GSK were 0.2% lower at 1,642.60 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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Glaxosmithkline (GSK)