Bavarian Nordic

Major Shareholding Notification • Apr 30, 2008

Kvistgård, 30 April 2008

Bavarian Nordic A/S – Major Shareholder Announcement

In pursuance of the Danish Securities Trading Act's section 29, please be informed that today, 30 April 2008, Bavarian Nordic A/S has received information that PKA A/S has reduced its holding of shares in Bavarian Nordic A/S.

PKA A/S subsequently holds 354,250 shares, corresponding to 4.53 % of the total shares in Bavarian Nordic A/S.

Kvistgård, 30 April 2008

Asger Aamund Chairman

Contact: Anders Hedegaard, President & CEO | +45 23 20 30 64

About Bavarian Nordic

Bavarian Nordic (CSE: BAVA) is a leading international biopharmaceutical company developing and producing innovative vaccines to prevent and treat infectious diseases and cancer. With operations in Denmark, Germany, the USA, and Singapore, Bavarian Nordic employs over 260 people. Bavarian Nordic's patented technology, MVA-BN®, is as been demonstrated in clinical studies, one of the world's safest, multivalent vaccine vectors for the development of vaccines against various infectious diseases such as smallpox, HIV/AIDS, as well as against breast and prostate cancer. Several MVA-BN®-based vaccines are in clinical Phase I and Phase II trials. Bavarian Nordic has ongoing development contracts with the US government to develop a third-generation smallpox vaccine, IMVAMUNE®. Bavarian Nordic has supplied several other governments with smallpox vaccines.

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