MedImmune to sell CytoGam to ZLB Behring
Briefing.com - November 08, 2006 5:15 PM ET
Co announces its intent to sell CytoGam (cytomegalovirus immune globulin intravenous) to ZLB Behring. Under the terms of a definitive agreement, ZLB Behring will make a one-time upfront payment of $50 mln to MedImmune, plus equipment and inventory payments, for full worldwide rights to CytoGam. Further, an additional $70 mln may be paid to MedImmune by ZLB Behring upon achievement of certain cumulative net sales milestones. The estimated 2006 financial impact of the CytoGam transaction is an increase in diluted earnings per share of $0.10 to $0.12, primarily due to the one-time upfront payment of $50 mln, assuming receipt of necessary govt approval in time to consummate the transaction before the end of the year. However, the impact of this transaction may be partially to fully offset by other in-process business transactions that have the potential to be successfully completed by the end of 2006. Therefore, MedImmune has chosen not to revise its previously stated earnings guidance range of $0.17 to $0.22 per diluted share ($0.19 consensus), before stock compensation expense, at this time. |
