Bavarian Nordic

Major Shareholding Notification • Dec 6, 2010

Company Announcement

6 December 2010

Bavarian Nordic A/S – Major Shareholder Announcement

Kvistgård, Denmark, December 6, 2010 – Bavarian Nordic A/S (OMX: BAVA) announces in pursuance of the Danish Securities Trading Act's section 29, that the company has received information that Lønmodtagernes Dyrtidsfond (Den Professionelle Forening LD), after the recent capital increase in Bavarian Nordic A/S, no longer holds above 5% of the total share capital and voting rights in Bavarian Nordic A/S.

Asger Aamund Chairman of the Board

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

About Bavarian Nordic

Bavarian Nordic is a leading industrial 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 clinical pipeline targets cancer and infectious diseases, and includes seven development programmes. Two programmes under preparation for Phase III: PROSTVAC™, a therapeutic vaccine for advanced prostate cancer is being developed under a collaboration agreement with the National Cancer Institute, and IMVAMUNE®, a third-generation smallpox vaccine is being developed under a contract with the US government.

Bavarian Nordic is listed on NASDAQ OMX Copenhagen under the symbol BAVA.

For more information please visit www.bavarian-nordic.com

Forward-looking statements

This announcement includes "forward-looking statements" that involve risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.

Page 1 of 1 Company Announcement no. 39 / 2010

DK-3490 Kvistgaard Fax: +45 33 26 83 80 Denmark

Bavarian Nordic A/S Hejreskovvej 10A Tel: +45 33 26 83 83 www.bavarian-nordic.com CVR-no: 16 27 11 87