Bavarian Nordic

Director's Dealing • Jan 14, 2010

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

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

Pursuant to Section § 28a of the Danish Act on Securities Trading, Bavarian Nordic A/S shall make public transactions of shares and related securities of Bavarian Nordic A/S by persons holding managerial responsibilities and/or persons/companies closely associated with such. Asger Aamund, Chairman of the Board of Bavarian Nordic, has notified Bavarian Nordic, that his company, A.J. Aamund A/S today has sold 890,000 preemptive rights. Subsequently, A.J. Aamund A/S holds 444,099 preemptive rights, which allow for the subscription of 222,049 new shares under the ongoing rights issue. As previously announced, A.J. Aamund A/S will participate in the rights issue on a cash-neutral basis (after transaction costs), and thus will subscribe for 222.049 new shares of DKK 80, totalling a market value of DKK 17,763,920.00. Name A. J. Aamund A/S Reason for transaction Closely related to Asger Aamund, Chairman of the Board of Bavarian Nordic A/S Issuer Bavarian Nordic A/S ID code/ISIN DK0060205268 Description Preemptive rights Transaction Sale Trading date 14 January 2010 Market NASDAQ OMX Copenhagen Number 890,000 Market value (DKK) 17,800,000.00 Contact Anders Hedegaard, President & CEO. Phone +45 23 20 30 64 Not for release, publication or distribution, directly or indirectly in or into Australia, Canada, Japan or the United States This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to buy the securities of Bavarian Nordic A/S (the "Securities") in Australia, Canada, Japan or the United States or in any other jurisdiction. The Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The issuer of the Securities has not registered, and does not intend to register, any portion of the Offering in the United States or in any jurisdiction outside Denmark and the United Kingdom, and does not intend to conduct a public offering of the Securities in the United States or in any jurisdiction outside Denmark and the United Kingdom. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan or the United States. 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. 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; biodefence, cancer and infectious diseases, and includes seven development programmes. Two programmes are under preparation for Phase III: IMVAMUNE®, a third-generation smallpox vaccine is being developed under a contract with the US government, and PROSTVAC(TM), a therapeutic vaccine for advanced prostate cancer is being developed under a collaboration agreement with the National Cancer Institute. Bavarian Nordic is listed on NASDAQ OMX Copenhagen under the symbol BAVA. For more information please visit www.bavarian-nordic.com [HUG#1373538]

Attachments:

• 2010-04-uk

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