Bavarian Nordic

Director's Dealing • Nov 7, 2019

Company Announcement

Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

COPENHAGEN, Denmark, November 7, 2019 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) has today received information about the following transactions of the company's shares/related securities by persons holding managerial responsibilities and/or persons/companies closely associated with such.

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Paul Chaplin
2.	Reason for the notification
a)	Position/status	President and Chief Executive Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Warrants
	Identification code	DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0.00	78,201
d)	Aggregated information - Aggregated volume - Price	78,201 DKK 0.00
e)	Date of the transaction	2019-11-07
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Henrik Juuel
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Financial Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Warrants
	Identification code	DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0.00	33,950
d)	Aggregated information - Aggregated volume - Price	33,950 DKK 0.00
e)	Date of the transaction	2019-11-07
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Henrik Birk
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Operating Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Warrants
	Identification code	DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0.00	35,678
d)	Aggregated information Aggregated volume - - Price	35,678 DKK 0.00
e)	Date of the transaction	2019-11-07
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Tommi Kainu
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Business Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Warrants
	Identification code	DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0.00	35,533
d)	Aggregated information - Aggregated volume - Price	35,533 DKK 0.00
e)	Date of the transaction	2019-11-07
f)	Place of the transaction	Outside a trading venue

About Bavarian Nordic

Bavarian Nordic is a fully integrated biotechnology company focused on the development of innovative therapies against infectious diseases and cancer. Using our live virus vaccine platform technology, MVA-BN®, we have created a diverse portfolio of proprietary and partnered product candidates intended to unlock the power of the immune system to improve public health with a focus on high unmet medical needs. In addition to our longstanding collaboration with the U.S. government on the development and supply of medical countermeasures, including the only FDA-approved, non-replicating smallpox vaccine, our infectious disease pipeline comprises a proprietary RSV program as well as vaccine candidates for Ebola, HPV, HBV and HIV, which are developed through a strategic partnership with Janssen. Additionally, we have developed a portfolio of active cancer immunotherapies, designed to alter the disease course by eliciting a robust and broad anti-cancer immune response while maintaining a favorable benefit-risk profile. For more information visit www.bavarian-nordic.com or follow us on Twitter @bavariannordic.

Contacts

Rolf Sass Sørensen Vice President Investor Relations (EU) Tel: +45 61 77 47 43

Graham Morrell Paddock Circle Advisors (US) graham@paddockcircle.com Tel: +1 781 686 9600

Company Announcement no. 22 / 2019