Bavarian Nordic Taps Pharma Veteran Heidi Hunter for Vice Chair Role

COPENHAGEN, Denmark – December 17, 2025 – Bavarian Nordic has appointed seasoned pharmaceutical executive Heidi Hunter as the new Vice Chair of its Board of Directors, a strategic move that completes a significant leadership reshuffle at the highest level of the global vaccine company. The appointment, announced today, follows a period of notable turbulence and signals a clear focus on stability and forward-looking commercial strategy.

Ms. Hunter, a board member since 2023, steps into the role previously held by Anne Louise Eberhard, who was elevated to Chair of the Board just last month. This chain of appointments was set in motion by the abrupt departure of former Chairman Luc Debruyne in November, creating a leadership vacuum at a critical juncture for the company.

A Board in Transition After Takeover Turmoil

The recent changes in Bavarian Nordic's governance did not occur in a vacuum. They are a direct consequence of a failed takeover attempt that concluded in early November 2025. A private equity consortium, comprising Nordic Capital and Permira, withdrew its bid to acquire the company after failing to secure the required two-thirds of shareholder support, achieving only a 60% acceptance rate.

In the immediate aftermath, then-Chairman Luc Debruyne, who had held the position since early 2023, resigned. His departure was explicitly linked to the outcome of the takeover process, suggesting deep divisions and a need for a strategic reset. The board moved swiftly to ensure leadership continuity, appointing Anne Louise Eberhard, a board member since 2019 and former head of the Finance, Risk and Audit Committee, as the new Chair. Her appointment was framed as a move to provide “stability and continuity in the governance and leadership of the company” for shareholders and employees alike.

With Ms. Eberhard’s promotion, the Vice Chair position became vacant. The board’s selection of Heidi Hunter to fill this role is a deliberate choice, installing another experienced industry leader to help navigate the company’s path forward and rebuild momentum.

A Strategic Choice for Commercial and Scientific Leadership

Heidi Hunter brings a formidable resume and over 25 years of diverse industry experience to her expanded role. Her career spans the entire pharmaceutical value chain, from clinical and commercial development to complex launch executions. This background is seen as a crucial asset for Bavarian Nordic, a company balancing government contracts for public health preparedness with a growing portfolio of commercial travel vaccines.

Ms. Hunter formerly served as President at Cardinal Health, where she led the Specialty Solutions Businesses. Her extensive senior leadership experience also includes impactful tenures at major global firms such as UCB, Boehringer Ingelheim, IQVIA, and Centocor, a Johnson & Johnson company. Notably, she has led significant business units in women’s health and oncology at Wyeth (now part of Pfizer) and at Novo Nordisk in Denmark, giving her a broad perspective on different therapeutic areas and market dynamics.

This deep commercial acumen is particularly relevant as Bavarian Nordic continues to serve as a preferred supplier of mpox and smallpox vaccines to governments while simultaneously pushing into competitive commercial markets. The successful commercialization of its travel vaccines, including the recently approved chikungunya vaccine, Vimkunya®, will be a key driver of future growth. Ms. Hunter’s expertise in “Commercial Strategy” and “Product Development,” competencies officially noted by the company, directly aligns with these strategic priorities.

Shaping Strategy from Key Committee Roles

Beyond her title as Vice Chair, Ms. Hunter’s influence is significantly amplified by her key committee assignments. She serves as Chair of the Science, Technology, and Investment Committee, a position she has held since 2023. In this capacity, she is central to guiding Bavarian Nordic's research and development pipeline, overseeing the R&D budget, and vetting the scientific and commercial viability of new vaccine candidates. Her leadership here is critical for a company whose long-term success is predicated on innovation.

Furthermore, Ms. Hunter is a member of the Finance, Risk, and Audit Committee. This dual role places her at the intersection of scientific innovation and financial discipline. It ensures that strategic investments in technology and new programs are balanced with rigorous financial oversight and risk management—a crucial function for a publicly-traded company navigating the high-stakes world of biopharmaceutical development.

Her combined oversight of science and finance positions her as a powerful force in shaping the company’s strategic direction, ensuring that promising research is backed by sound financial planning and a clear path to market.

Charting a Course for Future Governance

The appointments of Eberhard and Hunter are not the final chapter in Bavarian Nordic's governance evolution. The company has made it clear that it is actively continuing its search for “a couple of candidates with relevant competencies” to be nominated for election at the upcoming annual general meeting in April 2026.

This ongoing search underscores a commitment to further strengthening the board's collective expertise and ensuring its composition aligns with the company’s long-term vision. Following the withdrawal of the takeover offer, the leadership has emphasized a desire for a “positive dialog with our shareholders about the future composition of the Board.” A shareholder information meeting was held on December 11, 2025, providing a forum to discuss strategy and governance directly with investors.

As Bavarian Nordic moves forward from a challenging period, the new leadership duo of Anne Louise Eberhard and Heidi Hunter, with their deep roots in finance, science, and commerce, appears poised to steer the company with a steady hand. Their immediate task is to reinforce investor confidence and execute on a strategy that leverages the company's unique position in both public health and private vaccine markets, all while preparing the board for its next stage of evolution.