Business briefs

Gannett, whose 82 newspapers include USA Today along with television stations including WUSA-Channel 9 in Washington, said publishing revenue, including advertising and circulation, declined 4.9 percent to $977.1 million. Digital revenue rose 13 percent.

Total revenue fell 2.2 percent to $1.33 billion.

Nabi stock craters on NicVax trial results

Shares of Rockville-based Nabi Biopharmaceuticals shed most of their value Monday after the biotech announced its lead product candidate, NicVax, failed to show effectiveness in a late-stage clinical trial.

Nabi shares dropped precipitously after the Monday announcement, down nearly 70 percent to $1.75 a share in midmorning trading before closing at $1.89 on the Nasdaq Stock Market. While the smoking cessation vaccine was found to be safe and well tolerated in the first of two planned Phase 3 trials, subjects treated with the drug quit smoking at a rate of 11 percent, similar to the placebo.

The results throw into doubt a critical licensing agreement with London-based GlaxoSmithKline PLC worth more than $500 million, in which Glaxo has the option to develop and commercialize NicVax pending the successful completion of the two Phase 3 trials.

Cordish sells Ocean City, A.C. outlet malls for $199M

The Cordish Cos. has sold it outlet centers in Ocean City and Atlantic City, N.J., to Tanger Factory Outlet Centers Inc. in a deal valued at $199.3 million.

With the acquisitions, Tanger expands its reach in the Maryland and New Jersey markets. The deal with Baltimore-based Cordish for the Walk in Atlantic City includes development rights for future phases of the project located just off the A.C. Expressway.

The properties were sold for $125.8 million in cash, and Greensboro, N.C.-based Tanger also agreed to assume $73.5 million in debts.