Nabi Biopharmaceuticals, which began exploring strategic alternatives after failed late-stage clinical trials of its experimental smoking cessation vaccine, plans to merge with Australia's Biota Holdings Limited.
If approved, the newly merged company will be named Biota Pharmaceuticals, and will be headquartered in the U.S., the companies said. Biota Pharmaceuticals will be listed on the Nasdaq stock exchange.
Under terms of the deal, Rockville-based Nabi (NASDAQ: NABI) will acquire all outstanding shares in Biota in exchange for newly issued shares of Nabi common stock.