Initial public offering of Bavarian Nordic Research Institute A/S (DK) — DKK 195 million

Carnegie acted as global co-ordinator in the new share issue and the initial public offering of Bavarian Nordic Research Institute A/S on the Copenhagen Stock Exchange. Bavarian Nordic Research Institute A/S is a Danish biotechnology company involved in research and development of platform technologies for the production of therapeutic vaccines and gene therapy. November, 1998.