Bavarian Nordic Sells FDA Priority Review Voucher for $160M Amid Rising Industry Prices and Program Scrutiny

Bavarian Nordic sold its FDA Priority Review Voucher (PRV) for $160 million, one of the highest recent industry prices, underscoring a rising trend in PRV valuations234.

The PRV originated from FDA approval of Bavarian Nordic's chikungunya vaccine, VIMKUNYA, for people aged 12 and older34.

20% of the sale proceeds will go to the U.S. National Institutes of Health, per a license agreement assumed when acquiring the vaccine in 2023234.

The sale will boost Bavarian Nordic’s EBITDA but will not affect its 2025 revenue projections; any EBITDA margin updates will be provided upon closing23.

Completion of the deal is contingent on antitrust review, expected to conclude in the third quarter of 2025234.

This $160 million sale follows a previous $150 million PRV transaction by Acadia Pharmaceuticals in late 2024, indicating a continued rise in voucher pricing despite scrutiny over the future of the FDA’s priority review program and its effects on the drug approval process12.

Sources:

1. https://medwatch.com/News/Pharma_Biotech/article18287777.ece

2. https://www.gurufocus.com/news/2933065/bavarian-nordic-bvnkf-sells-priority-review-voucher-for-160-million

3. https://www.globenewswire.com/news-release/2025/06/18/3101184/0/en/Bavarian-Nordic-Announces-Sale-of-Priority-Review-Voucher-for-USD-160-Million.html

4. https://www.bavarian-nordic.com/media/media/news.aspx?news=7239