Bavarian Nordic Sells FDA Priority Review Voucher for $160 Million Following Vimkunya Approval

Bavarian Nordic has finalized an agreement to sell a Priority Review Voucher (PRV) granted by the U.S. Food and Drug Administration (FDA) in connection with the approval of its chikungunya vaccine, Vimkunya, for $160 million. The Danish vaccine developer disclosed the sale on Wednesday, noting that the identity of the purchaser has not been made public.
The PRV was awarded under the FDA’s tropical disease program after Vimkunya received regulatory clearance in April 2025 for use in individuals aged 12 years and older.

The PRV originated from the approval of Vimkunya, which Bavarian Nordic acquired in 2023 through the purchase of Emergent BioSolutions’ travel health division. The acquisition, which cost $270 million upfront, included the chikungunya vaccine originally licensed from the National Institutes of Health (NIH). As stipulated in the licensing arrangement, NIH will receive 20% of the PRV sale revenue.
The revenue from the voucher sale will be recorded as operating income, which will not impact the company’s projected revenue for 2025. However, Bavarian Nordic indicated that the gain would positively influence its EBITDA. The company’s EBITDA margin forecast of 26-30% may be adjusted once the deal is finalized. The closing is anticipated in the third quarter of 2025, pending fulfillment of standard closing requirements, including an antitrust review. Jefferies LLC served as Bavarian Nordic’s exclusive financial advisor for the transaction.
“Bavarian Nordic A/S (OMX: BAVA) announced today that it has agreed to sell its Priority Review Voucher (PRV) for a total cash consideration of USD 160 million,” the company stated in its announcement.
Priority Review Vouchers are considered valuable assets within the biopharmaceutical industry because they allow companies to accelerate the FDA’s standard review period for new drug applications from 10 months to six months. In recent months, PRV sale prices have been increasing. For instance, in August 2024, Ipsen announced a $158 million sale of a PRV tied to its rare disease treatment Sohonos. Additionally, in late 2024 and early 2025, PTC Therapeutics, Acadia Pharmaceuticals, and Zevra Therapeutics each sold PRVs for $150 million.
Valneva, a competitor in the chikungunya vaccine space, sold a PRV in February 2024 for $103 million after gaining FDA approval for its vaccine, Ixchiq. At the time, the prevailing belief was that PRVs were valued at around $100 million.
Concerns over a reduction in PRV supply have contributed to the recent surge in prices. The FDA’s rare pediatric disease PRV program, which was responsible for issuing about 70% of all PRVs since its inception in 2009, ceased operating in December 2024 following the expiration of its Congressional authorization. Only drug candidates with prior rare pediatric disease designations as of December 20, 2024, are eligible to receive PRVs, and the issuance of these vouchers is expected to stop entirely by September 30, 2026.
In response, the FDA introduced a new initiative—the Commissioner’s National Priority Voucher (CNPV)—intended to further reduce drug review timelines to between one and two months. However, unlike existing PRVs, the CNPVs are not transferable. The FDA noted that these would be issued to “companies aligned with U.S. national priorities.”

Bavarian Nordic also recently distinguished itself from Valneva in regulatory matters. In May, both the FDA and CDC recommended suspending the use of Ixchiq in adults aged 60 and above due to reports of serious adverse events, including two fatalities. Before that, in April, the CDC’s Advisory Committee on Immunization Practices endorsed Vimkunya for individuals aged 12 and older who are traveling to areas experiencing chikungunya outbreaks, are staying in high-risk regions for extended periods, or are laboratory personnel working with the virus.
Vimkunya, which uses a virus-like particle design, received broader approval than Ixchiq, a live-attenuated vaccine authorized for adult use only.