Edison Issues ADR Outlook on Bavarian Nordic

LONDON, June 2, 2016 /PRNewswire/ --

Following a $100m private placement, Bavarian Nordic 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.

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Our valuation has increased to $2bn or $21.2/ADR (from $1.97bn or $21.4/ADR), predominantly due to the inclusion of MVA-BN RSV. We assume post-Phase II partnering of RSV and include milestone payments and royalties. We also include the new $100m Imvamune order in our 2017 sales forecast. Additionally, we refine our European Imvanex assumptions, now assuming population-adjusted sales in line with Canada. Finally, cash and the number of shares have been updated with Q116 results, proceeds from the private placement and the exercise of warrants.

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About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact:
Juan Pedro Serrate   Edison Investment Research   +44(0)20-3681-2534
Lala Gregorek        Edison Investment Research   +44(0)20-3681-2527 [email protected]

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SOURCE Edison Investment Research

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