Edison Issues ADR Update on Bavarian Nordic

Feb 18, 2016, 12:06 ET from Edison Investment Research

LONDON, February 18, 2016 /PRNewswire/ --

Bavarian Nordic's intention to list on NASDAQ is a strategic move to broaden its appeal to US investors and raise additional funds to accelerate clinical development of multi-tumor cancer immunotherapy CV-301 and respiratory syncytial virus vaccine MVA-BN RSV and to expand its manufacturing capacity. As a well-funded revenue generating company, it should still appeal to investors despite market headwinds. While pricing is to be determined, the likely timing of the proposed IPO represents an attractive entry point for US investors ahead of a newsflow-rich 2016.

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Our updated valuation is $1,819m or $21.6/ADR (down from $1,842m or $66.2/ADR) on account of rolling forward in time, updating net cash and DKK/US$ strengthening. A successful IPO would provide greater clarity on MVA-BN RSV and CV-301 development plans/timelines, representing upside potential. RSV is a significant opportunity; although, in the absence of clinical data we do not yet include a contribution for MVA-BN RSV. More insight into the clinical program for MVA-BN Brachyury (also not yet included in our valuation) and additional income from J&J for MVA-BN Filovirus and MVA-BN HPV also represent upside.

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SOURCE Edison Investment Research