Core Insights - Bavarian Nordic A/S has received notification from Morgan Stanley regarding their shareholding, which stands at 5.20% of the shares and voting rights as of October 23, 2025 [1] Company Overview - Bavarian Nordic is a global vaccine company focused on improving health and saving lives through innovative vaccines [2] - The company is a preferred supplier of mpox and smallpox vaccines to governments, enhancing public health preparedness [2] - Bavarian Nordic also has a leading portfolio of travel vaccines [2]

Core Insights - Valneva SE, a specialty vaccine company, is engaging with institutional investors through presentations and 1-on-1 meetings at upcoming conferences in the U.S. and Europe [1][4] Group 1: Upcoming Events - Valneva will host moderated "fireside chat" presentations to discuss key value drivers and upcoming catalysts, particularly the Phase 3 trial outcomes for VLA15, its Lyme disease vaccine candidate partnered with Pfizer [2] - If the Phase 3 trial is successful, Pfizer plans to submit applications for U.S. and European market authorization in 2026, with a potential vaccine launch in the second half of 2027 [2] - The company will participate in several conferences, including the Guggenheim 2nd Annual Healthcare Innovation Conference on November 10, Stifel 2025 Healthcare Conference on November 11, and Jefferies London Healthcare Conference on November 19 [3] Group 2: Company Overview - Valneva specializes in developing, manufacturing, and commercializing prophylactic vaccines for infectious diseases, focusing on unmet medical needs [5] - The company has advanced multiple vaccines from early R&D to approvals and currently markets three proprietary travel vaccines [6] - Valneva's commercial business revenues support the advancement of its vaccine pipeline, which includes the only Lyme disease vaccine candidate in advanced clinical development and the world's most clinically advanced Shigella vaccine candidate [7]

Core Viewpoint - Bavarian Nordic's Board of Directors maintains its recommendation for shareholders to accept the takeover offer from Innosera ApS, citing the offer as fair and attractive based on the company's fundamental value and historical share price levels [2][3]. Offer Details - The takeover offer is for all issued and outstanding shares of Bavarian Nordic, excluding treasury shares, made by Innosera ApS, which is controlled by Nordic Capital Fund XI and Permira Beteiligungsberatung GmbH [1]. - The offer period has been extended, and the offer price has been increased, prompting the Board to reiterate its recommendation [2][3]. Company Background - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, including mpox and smallpox vaccines, and has a strong portfolio of travel vaccines [7].

Bavarian Nordic said on Wednesday a consortium led by Nordic Capital and Permira has raised its offer price for the vaccine maker to 250 Danish crowns ($38.94) after its initial bid was not accepted b... ...

Core Viewpoint - Innosera ApS has increased its cash offer for Bavarian Nordic A/S to DKK 250 per share and extended the offer period until November 5, 2025, allowing shareholders more time to consider the offer [3][4][10]. Offer Details - The initial offer price was raised from DKK 233 to DKK 250 per share, which is stated to be the best and final offer price [3][5]. - The offer period has been extended by three weeks, now set to expire on November 5, 2025, at 5:00 p.m. (CET) [2][10]. Shareholder Response - Institutional shareholders representing approximately 5.3% of Bavarian Nordic's share capital have committed to accept the improved offer during the extended period [4]. - As of the latest update, approximately 25.7% of Bavarian Nordic's share capital has accepted the offer, indicating that the minimum acceptance condition has not yet been met [7]. Regulatory and Approval Status - The Offeror has obtained all necessary regulatory approvals for the completion of the offer, with the expectation that proceeds may be paid to shareholders by early December 2025, subject to conditions being met [6][10]. Important Dates - The updated timetable includes key dates such as the announcement of the preliminary result on November 6, 2025, and the expected settlement date for the offer price on December 3, 2025 [10][11].

Core Viewpoint - Innosera ApS, controlled by Nordic Capital Fund XI and Permira, has made a public takeover offer for Bavarian Nordic A/S, with the offer period expiring on 14 October 2025 at 11:59 p.m. (CEST) [1][2]. Group 1: Offer Details - The takeover offer is an all-cash voluntary board-recommended public offer to acquire all issued and outstanding shares of Bavarian Nordic, excluding treasury shares [1]. - The Offeror has received all necessary regulatory approvals, but the completion of the offer is contingent upon meeting a minimum acceptance condition of 75% of shares [2]. - Shareholders must submit their acceptance through their custodian bank or account holding institution before the offer period expires [3]. Group 2: Shareholder Guidance - Shareholders are encouraged to read the Offer Document and the Board Statement in full before deciding whether to accept the offer [4]. - Acceptance can be made online via the custodian bank's web banking solution or by using the acceptance form provided in the Offer Document [3]. Group 3: Company Background - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, including mpox and smallpox vaccines [6].

Core Viewpoint - Innosera ApS has received all necessary regulatory approvals from the European Commission for its all-cash voluntary recommended public takeover offer for Bavarian Nordic A/S, with the offer period set to expire on 14 October 2025 [1][27]. Group 1: Offer Details - The offer is contingent upon the minimum acceptance condition of 75% of the shares in Bavarian Nordic, excluding treasury shares [2]. - If the remaining conditions are satisfied by the expiration date, the completion of the offer is expected to occur in mid-November 2025 [4]. - Bavarian Nordic shareholders are encouraged to accept the offer before the expiration date [3]. Group 2: Company Background - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, including mpox and smallpox vaccines [8].

Core Viewpoint - Valneva SE has secured a non-dilutive debt facility of up to $500 million, enhancing its financial flexibility and allowing it to focus on advancing its vaccine pipeline, particularly the Lyme disease vaccine candidate VLA15, which is expected to be commercialized by Pfizer in 2027 [1][2][3]. Financial Updates - The initial tranche of $215 million will be used to fully repay existing debt, while up to $285 million may be drawn for future business development [1][5]. - The new debt facility extends repayment from Q1 2026 to Q4 2030, lowers the interest rate, and provides access to additional capital [5][6]. - Valneva's financial outlook for 2025 has been revised, with product sales now expected between €155-170 million (previously €170-180 million) and total revenues expected to reach €165-180 million (previously €180-190 million) [7]. Business Development - The Phase 3 clinical trial for the Lyme disease vaccine candidate remains on track, with Pfizer aiming to submit a Biologics License Application to the U.S. FDA and a Marketing Authorization Application to the European Medicines Agency in 2026 [4][8]. - The VALOR trial outcomes are expected to be announced in the first half of 2026, with a potential vaccine launch by Pfizer in the second half of 2027 [8]. Strategic Partnerships - The partnership with Pharmakon Advisors is highlighted as a significant support for Valneva, reflecting confidence in the company's products and management [3][9]. - Valneva's approach focuses on developing vaccines for unmet medical needs, with a strong pipeline that includes the only Lyme disease vaccine candidate in advanced clinical development [10][12].

Core Insights - Valneva SE reported positive antibody persistence data for its chikungunya vaccine IXCHIQ® four years post-vaccination, confirming strong and long-lasting antibody levels across all age groups [1][2][9] Vaccine Efficacy - Among 254 healthy adults in the trial, 95% maintained neutralizing antibody titers significantly above the seroresponse threshold four years after a single-dose vaccination [2][4] - Antibody persistence in older adults (65+) was comparable to younger adults (18-64 years) in terms of geometric mean titers and seroresponse rates [2][9] Safety Profile - The trial VLA1553-303, supported by CEPI and the EU's Horizon Europe program, reported no safety concerns or ongoing adverse events at the time of participant enrollment [3][4] - Long-term safety data was collected for up to two years, with no serious adverse events reported [3] Strategic Partnerships - Valneva expanded its partnership with CEPI in 2024 to enhance vaccine access in low- and middle-income countries (LMICs) [4][12] - An exclusive license agreement was established with the Serum Institute of India to facilitate vaccine supply in Asia [4][12] Public Health Context - Chikungunya virus has been identified in over 110 countries, with significant economic and medical burdens expected to increase due to climate change [5][10] - The World Health Organization has recognized chikungunya as a major public health issue, emphasizing the need for effective vaccination strategies [5][10] Company Overview - Valneva is a specialty vaccine company focused on developing and commercializing vaccines for infectious diseases, addressing unmet medical needs [6][8] - The company has a strong track record in advancing multiple vaccines from early research to approvals, including proprietary travel vaccines [7][8]

Core Viewpoint - Innosera ApS, controlled by Nordic Capital Fund XI and Permira, has extended its all-cash voluntary takeover offer for Bavarian Nordic A/S by two weeks to obtain the last outstanding regulatory approval necessary for the acquisition [1][2]. Group 1: Offer Details - The initial offer period, which began on August 26, 2025, was set to expire on September 30, 2025, but has now been extended to October 14, 2025, at 11:59 p.m. (CEST) [3][6]. - The Offeror has received regulatory approvals in several jurisdictions, including Australia, China, Saudi Arabia, Switzerland, and the United States, with the only remaining approval being from the European Union [2][5]. Group 2: Board Recommendations - Bavarian Nordic's Board of Directors has recommended that shareholders accept the Offer, and this recommendation remains unchanged despite the extension of the offer period [4][5]. Group 3: Timetable and Important Dates - The updated timetable includes the announcement of the preliminary result of the Offer on October 15, 2025, and the final result by October 20, 2025, with settlement of the offer price expected by November 11, 2025 [6][7].