Third Point to Proceed with Consent Solicitation to Remove Nabi Biopharmaceuticals' Chairman McLain

NEW YORK, Oct. 4  /PRNewswire/ -- Third Point LLC ("Third Point") confirmed today that it will proceed shortly with its previously-announced plan to conduct a consent solicitation to remove Thomas H. McLain, Chairman, Chief Executive Officer and President of Nabi Biopharmaceuticals ("Nabi" or the "Company"; Nasdaq: NABI), from the Company's Board of Directors.  Third Point will also likely seek the removal of one or more additional Nabi directors.

Despite Nabi's announcement on September 27, 2006 that it has authorized Bank of America to explore strategic alternatives, Third Point notes that Nabi waited almost two weeks subsequent to its September 15, 2006 board meeting to make this announcement, and only did so the day after Third Point initially announced its intention to solicit consents.  Moreover, Nabi's press release stated that "[t]he board continues to believe that the [C]ompany's current strategy will build shareholder value."

In light of the dilatory response to Third Point's demands, the remarkable timing of the Company's press release and the board's inexplicably insouciant comment about its current strategy, Third Point believes that the Company may not be fully committed to the robust process of maximizing shareholder value that its owners have demanded and further believes that shareholder representatives must be added to the Nabi Board and must participate in the value maximization process.  Therefore, in conjunction with the removal solicitation, Third Point also intends to solicit consents in favor of a shareholder proposal requesting that the Nabi Board immediately fill any vacancies created by the removal of existing directors with one or more individuals nominated by Third Point.

Third Point LLC, which beneficially owns approximately 9.5% of the Nabi shares outstanding, is a $4 billion investment management firm based in New York.

In connection with the consent solicitation, Third Point LLC and certain of its affiliates intend to file a consent statement with the Securities and Exchange Commission (the "SEC") to solicit stockholders of the Company with respect to the removal of Mr. McLain and possibly one or more other directors from the Board of Directors.  THIRD POINT LLC STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE CONSENT STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH CONSENT SOLICITATION.  SUCH CONSENT STATEMENT, WHEN FILED, AND ANY OTHER RELEVANT DOCUMENTS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT http://www.sec.gov/.

THIRD POINT PARTICIPANT INFORMATION

In accordance with Rule 14a-12(a)(1)(i) of the Securities Exchange Act of 1934, as amended, the following persons are anticipated to be, or may be deemed to be, participants in any such consent solicitation by Third Point LLC:  Third Point LLC, Mr. Loeb, Third Point Offshore Fund, Ltd., Third Point Ultra Ltd., Third Point Partners LP, Third Point Partners Qualified LP and Lyxor/Third Point Fund Limited.  Certain of these persons hold direct or indirect interests as follows:  Third Point LLC may be deemed to beneficially own 5,750,000 shares of Common Stock; Mr. Daniel Loeb may be deemed to own 5,750,000 shares of Common Stock; Third Point Offshore Fund, Ltd. may be deemed to beneficially own 3,724,100 shares of Common Stock; Third Point Ultra Ltd. may be deemed to beneficially own 614,300 shares of Common Stock; Third Point Partners LP may be deemed to beneficially own 585,300 shares of Common Stock; Third Point Partners Qualified LP may be deemed to beneficially own 459,100 shares of Common Stock; and Lyxor/Third Point Fund Limited may be deemed to beneficially own 367,200 shares of Common Stock. 

DATASOURCE: Third Point LLC



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