Bavarian Nordic A/S, which is testing a prostate cancer vaccine, rose as much as 6.5 percent in Copenhagen trading after getting U.S. approval to proceed with the last trial required of the experimental medicine.
The U.S. Food and Drug Administration has reviewed and approved the trial’s design and goals in a special protocol assessment, the Kvistgaard, Denmark-based drugmaker said today.
Bavarian Nordic has received proposals from companies interested in licensing the vaccine. Last week, Juergen Langhaerig, head of business development, said a “mid-to high-single-digit” number of drugmakers had submitted term sheets outlining their offers. The approval means Bavarian can move ahead with the study as planned, it said today.
If the drug, named Prostvac, gets to the market it would compete against Dendreon Corp.’s Provenge, the first medicine to build up the body’s immune system to attack cancer cells. Provenge may generate as much as $1.75 billion in 2014 if the U.S. government agrees to pay for the $93,000 treatment, a Bloomberg survey of analysts showed.
Bavarian gained 8.50 kroner, or 3.8 percent, to 233 kroner at 12:38 p.m. The stock has climbed 72 percent in the past 12 months, beating the Bloomberg Europe Pharmaceutical Index, which has gained 7.4 percent.