Bavarian Nordic A/S announced it has entered into an agreement to sell its Priority Review Voucher (PRV) for $160 million, marking one of the highest-value PRV transactions in recent years. The Danish vaccine company was awarded the voucher in February 2025 following FDA approval of VIMKUNYA, its chikungunya vaccine for prevention of disease caused by chikungunya virus in people 12 years of age and older.
The transaction remains subject to customary closing conditions, including antitrust review, and is expected to close in the third quarter of 2025. Bavarian Nordic did not disclose the identity of the buyer.
Financial Impact and Revenue Distribution
Under the terms of a license agreement assumed when Bavarian Nordic acquired the chikungunya vaccine program in 2023, the National Institutes of Health will receive 20% of the gross proceeds from the PRV sale. The remaining proceeds will be recognized as other operating income and will not impact the company's guided revenue expectations for 2025.
However, the transaction will positively impact EBITDA, with any effect on the company's guided EBITDA margin of 26-30% for 2025 to be updated upon closing. Bavarian Nordic reported revenues of DKr1.35 billion (approximately $195.4 million) in Q1 2025, representing a 62% increase compared to the same period in 2024.
Rising PRV Market Values
The $160 million sale price reflects a notable uptick in PRV valuations during 2025. Recent transactions have seen Zevra Therapeutics sell a voucher for $150 million in February, followed by Abeona Therapeutics offloading one for $155 million in May. This represents a significant increase from the historical average of around $100 million in recent years, according to GlobalData analysis.
The record for the most expensive PRV remains the $350 million transaction between AbbVie and United Therapeutics in 2015. The current pricing trend suggests PRVs now command values in the $150-160 million range, though the factors driving this increase remain unclear.
Regulatory Background and Market Context
Priority Review Vouchers were introduced by the FDA in 2012 to incentivize pharmaceutical development in non-lucrative disease areas. The vouchers reduce standard FDA review times from ten months to six months and are awarded to companies developing treatments for neglected tropical diseases, rare pediatric diseases, or material threat medical countermeasures.
VIMKUNYA represents the second approved chikungunya vaccine in the United States, joining Valneva's Ixchiq in addressing this mosquito-borne disease primarily found in tropical regions. Chikungunya is designated as a neglected tropical disease, making treatments eligible for PRV awards upon FDA approval.
Companies can either redeem vouchers for their own pipeline candidates or sell them to other pharmaceutical companies, with market dynamics determining the final transaction value. Jefferies LLC served as exclusive financial advisor to Bavarian Nordic on this transaction.
