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.
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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