Billion-dollar T-cell biotech Bavarian Nordic abandons $86 million US listing

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 (BAVA) and US OTC Market (BVNRY) 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. It had planned to list on the Nasdaq under the symbol BAVN. Cowen & Company, Piper Jaffray, Nomura Securities and BTIG were set to be the joint bookrunners on the deal.