US contract milestones trigger USD 50 m payment to Bavarian Nordic  

2007.10.09
Bavarian Nordic gets permission from the US Government to invoice an advance payment of USD 50 m under a contract to manufacture and deliver 20 million doses of its Imvamune smallpox vaccine
Danish biotechnology company Bavarian Nordic has announced that the company has been given permission by the US Government to invoice an advance payment of USD 50 million as allowed under the RFP-3 contract to manufacture and deliver 20 million doses of its Imvamune smallpox vaccine. This is as a result of Bavarian Nordic fulfilling a number of significant milestones in the contract.
 
Bavarian Nordic CEO Anders Hedegaard comments: ”We are very satisfied that we have now already fulfilled several significant milestones as agreed with the US Department of Health and Human Services. With the advance payment and the future milestone payments, we have created a solid financial base for our further development.“
 
Delivery will start once an Emergency Use Authorization for Imvamune is granted. In addition to the advance payment of USD 50 million, the company expects to receive two additional USD 25 m milestone payments in 2007 for fulfilling other significant milestones. The news was reported in a press release on Bavarian Nordic's website.

Headquartered in Denmark, Bavarian Nordic develops, produces and markets innovative vaccines to prevent and treat infectious diseases such as smallpox, HIV and cancer. The company employs over 200 people and has operations in Germany, the US and Singapore. Bavarian Nordic has state-of-the-art production facilities in Denmark, and an ongoing partnership with the German vaccine producer, Impfstoffwerk Dessau-Tornau.
 

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