Bavarian Nordic

Report Publication Announcement • Apr 24, 2013

Company Announcement

24 April 2013

Bavarian Nordic A/S – Major Shareholder Announcement

KVISTGAARD, Denmark, April 24, 2013 – Bavarian Nordic A/S (OMX: BAVA) has received information from OrbiMed Advisors LLC that the company has decreased its ownership in Bavarian Nordic from 5.35 % to 4.53 % of the shares and voting rights in Bavarian Nordic.

Asger Aamund Chairman of the Board

Contact

Anders Hedegaard, President & CEO. Phone +45 23 20 30 64

About Bavarian Nordic

Bavarian Nordic is a vaccine-focused biotechnology company developing and producing novel vaccines for the treatment and prevention of life-threatening diseases with a large unmet medical need. The company's pipeline targets cancer and infectious diseases, and includes ten development programs. In oncology, the company's lead program is PROSTVAC® , a therapeutic vaccine candidate for advanced prostate cancer that is the subject of an ongoing pivotal Phase 3 trial and is being developed under a collaboration agreement with the National Cancer Institute. In clinical Phase 1 and Phase 2 trials, PROSTVAC® has been tested in nearly 600 patients. In infectious diseases, the company's lead program is IMVAMUNE® , a non-replicating smallpox vaccine candidate that is being developed and supplied for emergency use to the U.S. Strategic National Stockpile under a contract with the U.S. Government. For more information, visit www.bavarian-nordic.com