The Aquafresh and Panadol drugs business GSK has sold two of its travel vaccines for up to 955 million euros (£822 million), the company has announced.
GSK said it will receive an upfront payment of 301 million euros (£259 million) with the rest depending on certain sales targets being hit.
Travel vaccines Rabipur – traded as Rabavert in the US – for the prevention of rabies, and Encepur, for the prevention of tick-borne encephalitis, will now be sold by Denmark-based Bavarian Nordic.
GSK only bought the vaccines in 2015 from Novartis but said it was selling up to support “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.”
The value of its current inventory is around 159 million euros and the extra payments will be made following technology transfer and regulatory approval for Bavarian Nordic to sell the vaccines, with completion anticipated within five years.