Bavarian Nordic shares leap on $1 billion Bristol-Myers deal

Shares in Bavarian Nordic leapt as much as 39 percent on Wednesday after the Danish biotech company announced a prostate cancer drug deal with Bristol-Myers Squibb that could be worth at least $1 billion. The agreement gives the U.S. company an exclusive option to license and commercialize Bavarian's prostate cancer drug candidate Prostvac. Under the deal, Bavarian Nordic could receive up to $975 million, including $60 million upfront, if it passes trials and sales milestones, and could also receive royalties from sales. "It's a super deal for Bavarian," analyst Frank Horning Andersen from Jyske Bank said.



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