GlaxoSmithKline (GSK) will sell two travel vaccines to Bavarian Nordic for up to 955 million euros ($1.1 billion), the British firm said on Monday, as it looks to bolster its push into the lucrative cancer drug market. Bavarian Nordic, the Danish company specialises in the research, development and manufacture of cancer immunotherapies and vaccines for infectious diseases.
The two vaccines had total net sales of £144.5m in 2018. . Deal includes GSK to pay the Denmark-based biotechnology, upfront payment of 301 million euros and milestone payments of up to 495 million euros.
GSK had acquired these brands from rival Novartis in 2015 as part of an asset swap that secured the Swiss company’s vaccines business. GSK announced in last December that it would split into a standalone pharmaceuticals and vaccines business and a separate consumer health joint venture with Pfizer, giving up on its current diversified corporate model.
The vaccines will continue to be manufactured primarily at GSK’s Marburg site in Germany until full production is transferred to Bavarian Nordic.