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Agreements

Date: 2011-04-11

Type of information: Development agreement

Compound: Imvamune® smallpox vaccine

Company: Bavarian Nordic (Denmark) US Government (USA)

Therapeutic area: Infectious diseases

Type agreement: development

Action mechanism: vaccine

Disease: smallpox

Details: Bavarian Nordic has announced that the US government through the Biomedical Advanced Research and Development Authority (BARDA) has increased the value of the existing contract to develop a freeze-dried version of Imvamune® smallpox vaccine from $40 million to $94 million. The contract provides funds to validate the new freeze-dried manufacturing process and the associated pre-clinical and clinical studies to support the development of a freeze-dried version of Imvamune®. The increased funding will support additional studies and manufacturing activities to further advance the development of the freeze-dried version of Imvamune® by the end of the contract period.To date, Bavarian Nordic has been awarded development and supply contracts for Imvamune®from the US Government totalling more than $740 million.

Financial terms: The freeze-dried contract was originally awarded in November 2009 and provided base year funding, followed by optional annual funding until 2014. The first option to fund the program during 2011 was already exercised by BARDA in 2010, providing a total of $27 million. As of March 1st, 2011 $5 million were recognized as revenue. Now the value of this existing contract has been increased from $40 million to $94 million. While the additional funding will have no impact on revenues for 2011, revenues from the freeze-dried contract will increase in 2012 to 2014.

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