Bavarian Nordic Launches Share Buy-Back Program to Hedge Incentive Scheme Obligations
COPENHAGEN, Denmark, May 18, 2017 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announced today the initiation of a new share buy-back program, under which the Company intends to buy back 12,156 of its own shares. The purpose of the share buy-back program is to meet the Company’s obligations arising from the share-based incentive programs for the Board of Directors and Executive Management, in accordance with the Company’s remuneration policy and the general guidelines for incentive remuneration.
The share buy-back program is initiated pursuant to the authorization granted at the annual general meeting on April 25, 2017, according to which the Company may purchase up to 10 % of the Company's share capital for the time being.
The share buy-back program will be executed in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and supplementing Regulation (EU) 2016/1052 of 8 March 2016, which together constitute the Safe Harbour Regulation.
Bavarian Nordic A/S has appointed Danske Bank A/S Lead Manager of the program. Danske Bank A/S will buy back shares on behalf of Bavarian Nordic A/S and make decisions on trading with Bavarian Nordic A/S' shares independently and without influence of Bavarian Nordic A/S.
The program will be implemented in accordance with the authorization within the following scope:
- A maximum of 12,156 shares will be bought back under the program.
- The maximum consideration for Bavarian Nordic A/S-shares bought back within the duration of the program is DKK 5.5 million. However, based on yesterday’s closing price of Bavarian Nordic’s share on Nasdaq Copenhagen A/S, the total consideration is expected to be in the level of DKK 4 million.
- The program terminates at the latest on May 30, 2017.
- The maximum number of shares, which may be purchased per trading day, shall not exceed more than 25% of the average daily volume of shares in the Company traded on Nasdaq Copenhagen A/S in the preceding 20 trading days.
- The shares may not be purchased at a price which is higher than the higher of the following:
- The price of the last independent trade.
- The highest current independent purchase bid on Nasdaq Copenhagen A/S.
Bavarian Nordic A/S may terminate the program at any time. If the Company determines to terminate the program, the Company shall give notice hereof.
About Bavarian Nordic
Bavarian Nordic is a fully integrated biotechnology company focused on the development, manufacturing and commercialization of cancer immunotherapies and vaccines for infectious diseases, based on the Company’s live virus vaccine platform. Through long-standing collaborations, including a collaboration with the U.S. government, Bavarian Nordic has developed a portfolio of vaccines for infectious diseases, including the non-replicating smallpox vaccine, IMVAMUNE®, which is stockpiled for emergency use by the United States and other governments. The vaccine is approved in the European Union (under the trade name IMVANEX®) and in Canada. Bavarian Nordic and its partner Janssen are developing an Ebola vaccine regimen, which has been fast-tracked, with the backing of worldwide health authorities, and a vaccine for the prevention and treatment of HPV. Additionally, in collaboration with the National Cancer Institute, Bavarian Nordic has developed a portfolio of active cancer immunotherapies, including PROSTVAC®, which is currently in Phase 3 clinical development for the treatment of advanced prostate cancer. The company has partnered with Bristol-Myers Squibb for the potential commercialization of PROSTVAC. For more information visit www.bavarian-nordic.com or follow us on Twitter @bavariannordic.
This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.
Rolf Sass Sørensen
Vice President Investor Relations (EU)
Tel: +45 61 77 47 43
Vice President Investor Relations (US)
Tel: +1 978 341 5271
Company Announcement no. 13 / 2017