Edison Issues ADR Update on Bavarian Nordic

LONDON, April 26, 2016 /PRNewswire/ --

The current weak US IPO conditions have resulted in a slight change of plan for Bavarian Nordic. It recently shelved its US listing plans and instead completed a private share placement, which raised c $100m vs. the expected $86m in the F-1 filing. New funds will be used for the same purposes as the IPO, namely advancing the development of CV-301, MVA-BN RSV and for capex. Prostvac has passed its first interim analysis and the Phase III trial will continue without modification.

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We are updating our valuation to $1.97bn or $21.4/ADR (from $1.83bn or $65.55/ADR) on account of rolling forward in time, updating net cash and a strengthening DKK/US$ rate. With an improved cash runway, there is now more clarity on development plans/timelines for MVA-BN RSV and CV-301. RSV is a significant opportunity; however, in the absence of clinical data, we do not yet include a contribution for MVA-BN RSV. CV-301, which has clinical data and will be tested in three oncology indications, is now included in our valuation. Further insight into the clinical program for MVA-BN Brachyury (not yet included in our valuation) and additional income from J&J for MVA-BN Filovirus and MVA-BN HPV represent further upside.

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All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com.

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 400 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.

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For more information please contact:
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Ian McLelland Edison Investment Research +44 (0)20 3077 5756 [email protected]

SOURCE Edison Investment Research

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