Edison Issues 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 DKK13.4bn or DKK423/share (from DKK12.97bn, DKK421/share), 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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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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