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Bavarian Nordic gets $50 mln milestone payment

Mon Oct 8, 2007 2:31am EDT

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COPENHAGEN, Oct 8 (Reuters) - Danish vaccine maker Bavarian Nordic (BAVA.CO) said it had received a milestone payment of $50 million from U.S. authorities under its contract to manufacture and deliver 20 million doses of smallpox vaccine.

The income will be recognised as revenue in the financial statements, Bavarian said in a statement.

In addition to the advance payment of $50 million, Bavarian expects to receive two additional milestone payments each of $25 million in 2007 for fulfilling other significant milestones.

((Reporting by Kim McLaughlin, editing by Quentin Bryar; Copenhagen newsroom +45 33 96 96 51, kim.mclaughlin@reuters.com)) Keywords: BAVARIAN US/

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