Bavarian Nordic : Realigns for Expansion
* Creation of two business divisions; Cancer Vaccines and Infectious Diseases
* Changes in executive management
Kvistgård, Denmark, September 30, 2010 - Bavarian Nordic A/S (OMX: BAVA) announced today the reorganization of the company's primary business areas into two divisions; Cancer Vaccines and Infectious Diseases each led by its own Division President reporting to the President & CEO of the Company.
The establishment of two divisions facilitates a stronger and more effective management structure and offers a number of benefits to the company, including:
* Optimization of resource management and investments
* Acceleration of development and in-licensing of new products within cancer
and infectious diseases
* Multiple funding options and separate strategic partnership opportunities
Reiner Laus (1)), Executive Vice President and CEO of BN ImmunoTherapeutics, Inc., Bavarian Nordic's wholly-owned cancer research unit in California, USA has been appointed Division President Cancer Vaccines. The division's main short-term strategic objectives are driving PROSTVAC(TM) to the market through partnership, broadening the portfolio by acquisitions and developing new cancer targets.
Paul Chaplin (2)), Executive Vice President and Chief Scientific Officer, has been appointed Division President Infectious Diseases. The division's main short-term strategic objectives are the continued delivery of IMVAMUNE® under the contract with the US government, while also securing new IMVAMUNE® orders and developing new late-stage vaccine candidates for infectious diseases beyond biodefence, supported by partnerships and/or acquisitions.
In order to provide strong leadership and accountability within the new structure, the executive management will be consolidated. As a consequence, Executive Vice President Steen Vangsgaard & Executive Vice President Anders Gram will be leaving Bavarian Nordic. Morten M. Rasmussen will continue as Senior Vice President, Legal/IP reporting to Anders Hedegaard. The executive management team hereafter consists of:
* Anders Hedegaard, President & CEO
* Paul Chaplin, Executive Vice President and Division President Infectious
* Reiner Laus, Executive Vice President and Division President Cancer Vaccines
* Ole Larsen, Executive Vice President and Chief Financial Officer
The changes, which will have no immediate impact on the legal structure of the Group, will take effect as of today.
Bavarian Nordic's President & CEO, Anders Hedegaard commented: "The establishment of divisions provides the optimum conditions for future growth within our primary business areas; cancer and infectious diseases, including our biodefence programmes. The new organizational structure is ideal for generating short-term results. At the same time we are looking into expanding our activities in both areas by seeking strategic partnerships, which facilitate separate collaboration agreements with global pharma companies."
Chairman of the Board