$200 Mill Firm Through NABI/Univax Merger

North American Biologicals Inc and Univax Biologicals have agreed to merge in a tax-free stock-for-stock transaction to create a biopharmaceutical company with annual revenues of about $200 million. The merged company combines NABI's large-scale plasma collection, manufacturing and financial resources with Univax' donor stimulation technology, vaccine and immunoglobulin pipeline and sales and marketing presence.

Under the terms of the agreement, which have been unanimously approved by the boards of both companies, Univax shareholders will receive 0.79 shares of NABI Common Stock in exchange for each Univax share held. The merger will be accounted for as a pooling-of-interests. Based on the August 25 closing price of $11.1875 for NABI shares, the value of this transaction is over $15 million.

The merged company initially will retain the name North American Biologicals Inc, and will be headquartered in Boca Raton, Florida. Administration and biopharmaceutical manufacturing will remain in Boca Raton while research, development and clinical affairs will stay at Univax' Rockville, Maryland, facilities.