Biotech Co. Reportedly Looks Harder At Sale

Nabi Biopharmaceuticals has talked to Banc of America and UBS and possibly other investment banks to explore a sale or partial divestiture. The discussions come in the wake of shareholder pressure to sell the company and hire an investment bank other than longstanding advisor Lehman Brothers (CFW 5/5).

Tom Rathjen, Nabi's v.p. of investor relations at the Boca Raton, Fla. drug company, said he could not comment on the company's strategic work but did say that it has relationships with several banks as a public company. Representatives from BofA and UBS declined to comment.

Anthony Campbell, general partner of New York hedge fund Knott Partners, said he had reason to believe the talks were being held but could not confirm that. He did add that he prefers BofA because, in his judgment, it is a better firm.

Campbell, whose firm owns 9.6% of Nabi shares, said he thinks the company is worth $11.50-$13 per share, more than double the share price of its $5.72 close last Thursday. That would put a price tag in the range of $690-$780 million.

Meanwhile, Jaimie Burnes, a director at Lehman and Nabi's main relationship banker, has moved to Credit Suisse (see story, page 3), a factor that an investor said probably influenced the company to talk to other banks. Whether Nabi has talked to Credit Suisse could not be determined.