BVNRY Bavarian Nordic AS (PK)

EDISON EQUITY RESEARCH: BAVARIAN NORDIC – ADR OUTLOOK


The BMS and J&J deals, and continued Imvamune related income have provided Bavarian Nordic with validation of its vaccine technologies and manufacturing expertise, in addition to cash to now focus on expanding the pipeline. The BMS Prostvac deal provides opportunities to maximize value from this asset, while the J&J Ebola deal has bridged the Imvamune gap ahead of the likely transition to a freeze-dried formulation in 2016; there is also scope for future Ebola contract extensions. Our valuation is upgraded to $1,786m with inclusion of the BMS deal.

Bavarian Nordic is a Danish biotech focused on developing and manufacturing novel cancer immunotherapies and vaccines for infectious diseases. Its lead products are Prostvac (prostate cancer) partnered with Bristol Myers Squibb and Imvamune (smallpox).

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