<SEC-DOCUMENT>0001104659-25-008629.txt : 20250203
<SEC-HEADER>0001104659-25-008629.hdr.sgml : 20250203
<ACCEPTANCE-DATETIME>20250203161522
ACCESSION NUMBER:		0001104659-25-008629
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250203

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Evaxion Biotech A/S
		CENTRAL INDEX KEY:			0001828253
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			G7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94294
		FILM NUMBER:		25582676

	BUSINESS ADDRESS:	
		STREET 1:		DR NEERGAARDS VEJ 5F
		CITY:			HOERSHOLM
		STATE:			G7
		ZIP:			2970
		BUSINESS PHONE:		004531262615

	MAIL ADDRESS:	
		STREET 1:		DR NEERGAARDS VEJ 5F
		CITY:			HOERSHOLM
		STATE:			G7
		ZIP:			2970

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merck & Co., Inc.
		CENTRAL INDEX KEY:			0000310158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				221918501
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		2000 GALLOPING HILL ROAD
		CITY:			KENILWORTH
		STATE:			NJ
		ZIP:			07033
		BUSINESS PHONE:		908-740-4000

	MAIL ADDRESS:	
		STREET 1:		2000 GALLOPING HILL ROAD
		CITY:			KENILWORTH
		STATE:			NJ
		ZIP:			07033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Merck & Co. Inc.
		DATE OF NAME CHANGE:	20091103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCHERING PLOUGH CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000895345-24-000014</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Merck & Co., Inc. -->
          <cik>0000310158</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>American Depositary Shares, each representing fifty Ordinary Shares, DKK 0.25 nominal value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>01/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001828253</issuerCik>
        <issuerName>Evaxion Biotech A/S</issuerName>
        <issuerCusip>29970R204</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>Dr. Neergaards Vej 5F</com:street1>
          <com:city>Horsholm</com:city>
          <com:stateOrCountry>G7</com:stateOrCountry>
          <com:zipCode>2970</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Merck &amp; Co., Inc.</reportingPersonName>
      <citizenshipOrOrganization>NJ</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>63004142.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>63004142.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>63004142.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>19.96</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>(Rows 6, 8 and 9) Consists of (a) 60,706,348 ordinary shares, DKK 0.25 nominal value per share ("Ordinary Shares") of Evaxion Biotech A/S (the "Issuer") (represented by 1,214,126 American Depositary Shares ("ADSs"), rounded down to the nearest whole ADS) and (b) warrants to purchase 2,297,794 Ordinary Shares (represented by 45,955 ADSs, rounded down to the nearest whole ADS) ("Private Placement Warrants"), in each case held by Merck Global Health Innovation Fund, LLC ("MGHIF"), an indirect wholly owned subsidiary of Merck &amp; Co., Inc. ("Merck"). Each ADS represents fifty (50) Ordinary Shares.

(Row 11) Percentage calculated using a denominator of 315,626,431 Ordinary Shares, reflecting (a) the 313,328,637 Ordinary Shares issued and outstanding as of January 31, 2025 based on information provided to the Reporting Persons by the Issuer, plus (b) the 2,297,794 Ordinary Shares (represented by 45,955 ADSs, rounded down to the nearest whole ADS) issuable upon the exercise of Private Placement Warrants held by MGHIF.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Merck Sharp &amp; Dohme LLC</reportingPersonName>
      <citizenshipOrOrganization>NJ</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>63004142.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>63004142.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>63004142.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>19.96</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>(Rows 6, 8 and 9) Consists of (a) 60,706,348 Ordinary Shares (represented by 1,214,126 ADSs, rounded down to the nearest whole ADS) and (b) Private Placement Warrants to purchase 2,297,794 Ordinary Shares (represented by 45,955 ADSs, rounded down to the nearest whole ADS), in each case held by MGHIF, a wholly owned subsidiary of Merck Sharp &amp; Dohme LLC ("MSD"). Each ADS represents fifty (50) Ordinary Shares.

(Row 11) Percentage calculated using a denominator of 315,626,431 Ordinary Shares, reflecting (a) the 313,328,637 Ordinary Shares issued and outstanding as of January 31, 2025 based on information provided to the Reporting Persons by the Issuer, plus (b) the 2,297,794 Ordinary Shares (represented by 45,955 ADSs, rounded down to the nearest whole ADS) issuable upon the exercise of Private Placement Warrants held by MGHIF.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Merck Global Health Innovation Fund, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>63004142.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>63004142.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>63004142.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>19.96</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>(Rows 6, 8 and 9) Consists of (a) 60,706,348 Ordinary Shares (represented by 1,214,126 ADSs, rounded down to the nearest whole ADS) and (b) Private Placement Warrants to purchase 2,297,794 Ordinary Shares (represented by 45,955 ADSs, rounded down to the nearest whole ADS), in each case held by MGHIF. Each ADS represents fifty (50) Ordinary Shares.

(Row 11) Percentage calculated using a denominator of 315,626,431 Ordinary Shares, reflecting (a) the 313,328,637 Ordinary Shares issued and outstanding as of January 31, 2025 based on information provided to the Reporting Persons by the Issuer, plus (b) the 2,297,794 Ordinary Shares (represented by 45,955 ADSs, rounded down to the nearest whole ADS) issuable upon the exercise of Private Placement Warrants held by MGHIF.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Evaxion Biotech A/S</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>Dr. Neergaards Vej 5F Horsholm, G7, 2970</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This Schedule 13G/A is being filed on behalf of the following:

i. Merck &amp; Co., Inc. ("Merck");

ii. Merck Sharp &amp; Dohme LLC ("MSD"), which is a wholly owned subsidiary of Merck; and

iii. Merck Global Health Innovation Fund, LLC ("MGHIF"), which is a wholly owned subsidiary of MSD and an indirect wholly owned subsidiary of Merck.

Merck, MSD and MGHIF are collectively referred to in this Schedule 13G/A as the "Reporting Persons."

The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G/A as Exhibit 99.1, pursuant to which the Reporting Persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k)(1) of the Securities Exchange Act of 1934, as amended.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>i. The address of the principal business office for Merck is: 126 East Lincoln Avenue, Rahway, NJ 07065.

ii. The address of the principal business office of MSD is: 126 East Lincoln Avenue, Rahway, NJ 07065.

iii. The address of the principal business office of MGHIF is: 126 East Lincoln Avenue, Rahway, NJ 07065.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>i. Merck is a New Jersey corporation.

ii. MSD is a New Jersey limited liability company.

iii. MGHIF is a Delaware limited liability company.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>(a)(c) The information relating to the beneficial ownership of Ordinary Shares by each of the Reporting Persons set forth in Rows 5 through 9 and Row 11 of the cover pages hereto is incorporated herein by reference. The holdings of Ordinary Shares reported herein are held in the form of American Depositary Shares ("ADSs"), each ADS representing fifty (50) Ordinary Shares.

In addition, MGHIF directly holds (i) warrants to purchase 62,500 ADSs representing 3,125,000 Ordinary Shares (the "Series A Warrants"), and (ii) warrants to purchase 553,505 ADSs representing 27,675,250 Ordinary Shares (the "January 2025 Warrants" and together with the Series A Warrants, the "Ordinary Warrants"). The Ordinary Warrants are immediately exercisable at the election of MGHIF, except that the Ordinary Warrants contain a provision (the "Beneficial Ownership Blocker"), which precludes the exercise of any portion of the Ordinary Warrants to the extent that, following any such exercise, MGHIF, together with its affiliates and other attribution parties, would beneficially own more than 9.99% of the Ordinary Shares outstanding (including Ordinary Shares underlying any ADSs). MGHIF is currently prohibited from exercising the Ordinary Warrants by virtue of the Beneficial Ownership Blocker.

The ownership percentage of each Reporting Person set forth in Row 11 of the cover pages hereto has been calculated based on 315,626,431 Ordinary Shares outstanding, reflecting (a) the 313,328,637 Ordinary Shares issued and outstanding as of January 31, 2025 based on information provided to the Reporting Persons by the Issuer, plus (b) the 2,297,794 Ordinary Shares (represented by 45,955 ADSs, rounded down to the nearest whole ADS) issuable upon the exercise of the Private Placement Warrants held by MGHIF. As a result of the Beneficial Ownership Blocker, the information relating to the beneficial ownership of Ordinary Shares by each of the Reporting Persons set forth in Rows 5 through 9 and Row 11 of the cover pages hereto excludes the effect of the 62,500 ADSs representing 3,125,000 Ordinary Shares issuable upon the exercise of the Series A Warrants and the 553,505 ADSs representing 27,675,250 Ordinary Shares issuable upon exercise of the January 2025 Warrants held by MGHIF.</amountBeneficiallyOwned>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>The reported securities are owned directly by MGHIF, which is a wholly owned subsidiary of MSD. MSD is a wholly owned subsidiary of Merck. MSD and Merck are indirect beneficial owners of the reported securities.</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>99.1 Joint Filing Agreement (incorporated by reference to Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons on January 23, 2024).</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Merck &amp; Co., Inc.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Kelly Grez</signature>
        <title>Kelly Grez/Corporate Secretary</title>
        <date>02/03/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Merck Sharp &amp; Dohme LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon Filderman</signature>
        <title>Jon Filderman/Vice President</title>
        <date>02/03/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Merck Global Health Innovation Fund, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ William Taranto</signature>
        <title>William Taranto/President &amp; General Partner</title>
        <date>02/03/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
