Bavarian Nordic

AGM Information • May 25, 2010

Company Announcement

25 May 2010

Bavarian Nordic A/S – Report on the Results of the Extraordinary General Meeting, held 25 May 2010

In accordance with the agenda an Extraordinary General Meeting of Bavarian Nordic A/S was held today 25 May 2010 with the following results:

• The General Assembly adopted the Board of Directors' proposal regarding the following amendments:
• o Amendments of the Articles of Association in consequence of the new Danish Companies Act.
• o Introduction of a new Article 5b authorizing the Board of Directors to issue warrants.
• o Cancellation of Article 5e of the Articles of Association.
• o Cancellation of the quorum requirement in Article 16 of the Articles of Association.
• The Board of Directors were given authorization to let the Company purchase its own shares of company stock in the period up to the next Annual General Meeting.

Asger Aamund Chairman of the Board

Contact

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

About Bavarian Nordic

Bavarian Nordic A/S 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 pipeline is focused in the three areas; cancer, biodefence and infectious diseases, and includes seven development programmes. Two programmes are 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. 27 / 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