Bavarian Nordic gains on BMS option deal

Bavarian Nordic A/S (CSE:BAVA) gained DKK74.50 (35%) to DKK286 after granting Bristol-Myers Squibb Co. (NYSE:BMY) an exclusive option to license and commercialize Prostvac. The deal, which includes $60 million up front and more than $915 million in milestones, is the largest reported option agreement for a Phase III compound.

Last week, Bavarian Nordic reported survival data from a Phase I trial of Prostvac in combination with BMS's Yervoy ipilimumab in patients with metastatic castration-resistant prostate cancer (mCRPC). The company plans to start Phase II testing of the combination, but did not disclose a timeline (see BioCentury Extra, Feb. 24). ...