Following a $100m private placement, Bavarian Nordic (CO:BAVA) is ready to push its pipeline forward and create long-term value. Smallpox vaccine Imvamune is being stockpiled by the US and Canadian governments and Prostvac is advancing towards top-line Phase III data in 2017. The MVA-BN RSV vaccine is progressing towards mid-stage studies, while Phase II trials of CV-301 and Prostvac in combination with checkpoint inhibitors will start by mid-year. Our updated valuation of DKK13.4bn includes RSV and the latest bulk Imvamune order.
Warming up for a prolific period
Bavarian Nordic is progressing on various fronts. Imvamune is generating recurring revenues from the US government, with a new $100m bulk order and an RFP for the new freeze-dried formulation anticipated in the near term. Delivery of 20m doses of freeze dried Imvamune over the next three to four years could be worth $600m. Prostvac is on track to present top-line Phase III PROSPECT data next year, with two interim analyses expected in H216 and YE16/early-2017.
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