Billion Dollar Biotech Bavarian Nordic Ditches $86 Million U.S. IPO

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Bavarian Nordic, which is developing vaccines that stimulate a T-cell response to fight infectious diseases and cancers, withdrew its plans for an initial public offering on Wednesday, citing market conditions. It originally filed in January 2016 with a proposed deal size of $86 million.

Bavarian Nordic is currently listed on the Nasdaq Copenhagen and commands a market cap of more than $1.0 billion.

The Kvistgaard, Denmark-based company was founded in 1992 and booked $149 million in sales for the 12 months ended December 31, 2015.

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