Bavarian Nordic (BAVA)

Business description

Bavarian 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 BMS and Imvamune (smallpox).

Stock data

Market cap.DKK7508.5m
Last closeDKK243.50
High / Low (52 weeks)DKK359.5 / DKK228.0
Stock market listingOMX
Forecast net cash (DKKm)1383
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(1.4)(6.4)(20.6)
Relative *2.6(14.5)(20.4)

* % Relative to local index

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Company news

Bavarian Nordic A/S - Report on the Results of the Annual General Meeting ...

Wed, 20 Apr 2016 16:18:45 GMT

Bavarian Nordic A/S Completes a Private Placement at Market Price

Mon, 18 Apr 2016 06:00:00 GMT

Bavarian Nordic A/S Announces Launch of Private Placement

Wed, 13 Apr 2016 15:00:00 GMT

Kerrisdale Capital Releases Short-Thesis Report on Bavarian Nordic A/S and ...

Mon, 03 Aug 2015 09:33:30 GMT

Bavarian Nordic A/S Pipeline Review, Industry Analysis, Market Size and ...

Tue, 19 Apr 2016 17:44:48 GMT

Y/E Dec Revenue (DKKm) EBITDA (DKKm) PBT (DKKm) EPS (øre) P/E (x) P/CF (x)
2014A 1217.0 62.0 110.0 27.3 8.9 0.2
2015A 1021.0 48.0 80.0 22.4 10.9 0.9
2016E 1020.0 (127.0) (121.0) (42.4) N/A N/A
2017E 2560.0 1475.0 1423.0 453.2 0.5 0.1

Last updated on 26/04/2016

Investment summary

Bavarian Nordic has closed a DKK655m (gross) private placement with existing and new European and US investors. This fund raise replaces the proposed NASDAQ IPO which was shelved due to market conditions. Funds raised will be used to accelerate clinical development of multi-tumour 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. Moreover, 2016 is a newsflow-rich year with Phase I results for the RSV vaccine and the potential start of a Phase II study. With regard to the cancer immunotherapy programme, the company will begin a Phase II trial of CV-301 in combination with nivolumab in lung cancer and will conduct interim analyses of Prostvac’s Phase III trial, with final data expected in 2017. Next quarterly results will be released on 13 May.

Last updated on 03/05/2016

Industry outlook

Bavarian Nordic has expertise in both vaccines (with two technology platforms) and manufacturing (with a multipurpose, approved facility). The pipeline includes two Phase III assets (Prostvac and Imvamune) and is largely focused on cancer immunotherapy (Prostvac and CV-301) and infectious diseases (Imvamune/smallpox, RSV and Ebola).

Last updated on 03/05/2016

Key management

Gerard van Odijk, Chairman
Paul Chaplin, CEO
Ole Larsen, CFO
Rolf Sass, IR
Seth Lewis, IR

Company address

Hejreskovvej 10A
DK-3490 Kvistgaard
Denmark
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