Bavarian Nordic

Major Shareholding Notification • Jan 30, 2009

Kvistgård, 30 January 2009

Bavarian Nordic A/S – Major Shareholder Announcement

In pursuance of the Danish Securities Trading Act's section 29, please be informed that Bavarian Nordic A/S has received information that ATP and ATP Invest have increased their holding of shares in Bavarian Nordic A/S.

ATP and ATP Invest subsequently hold 400,466 shares, corresponding to 5.12 % of the total shares in Bavarian Nordic A/S.

Asger Aamund Chairman

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

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 business strategy is focused in three areas: biodefence, cancer and infectious diseases. Bavarian Nordic's proprietary and patented technology MVA-BN® is one of the world's safest, multivalent vaccine vectors. Bavarian Nordic has ongoing contracts with the US government for the late-stage development and procurement of the company's third-generation smallpox vaccine, IMVAMUNE® .

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

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