Bavarian Nordic Shares Fall After Acambis Drug Gets Fast Track
2004-09-24 04:37 (New York)
Bavarian Nordic Shares Fall After Acambis Drug Gets Fast Track
By Christopher Elser
Sept. 24 (Bloomberg) -- Shares of Bavarian Nordic A/S, which
supplies the German and U.S. governments with smallpox vaccines,
fell as much as 12 percent after rival Acambis Plc said U.S.
regulators may speed review of its smallpox treatment.
Shares of Bavarian fell 47 kroner, or 8.3 percent, to 519
kroner at 10:21 a.m. in Copenhagen after trading as low as 500
kroner. They've more than doubled this year.
Acambis's Modified Vaccinia Ankara got so-called ''fast
track'' status from the U.S. Food and Drug Administration, the
Cambridge, England-based company said in a PRNewswire statement.
Copenhagen-based Bavarian's Imvamune was put on the fast track in
July. Bavarian and its partner, GlaxoSmithKline Plc, are
competing against Acambis for contracts from anti-terror
programs.
''They're just competing on an equal basis now,'' said
Michael Novod, a Handelsbanken Capital analyst with a ''buy''
rating on Bavarian. ''The share drop is an over-reaction.''
Fast track status allows FDA regulators to expedite review
of new treatments.
Shares of Acambis, which is researching its vaccine with
Baxter International Inc., rose 2.5 pence, or 0.8 percent, to 300
pence in 8:19 a.m. in London.
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