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Bavarian Nordic A/S: Bavarian Nordic A/S Announces Pricing of its Private Placement


COPENHAGEN, Denmark, April 14, 2016
- Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announces today that the pricing
of its offering of 2,770,000 shares announced on 13 April 2016 in Company
Announcement no. 9/2016 (the "Offering") has been determined through an
accelerated bookbuilding process.

The market price of the shares has been determined to be DKK 240 per share of
DKK 10 each. Upon completion of the Offering, 2,770,000 new shares of DKK 10
each will be issued resulting in gross proceeds of up to approximately DKK
665 million.

As a consequence, and subject to completion of the Offering, the company
raises its expectations to the 2016 year-end cash preparedness, which is now
expected to be in the level of DKK 1,900 million, compared to previous
guidance of DKK 1,300 million. The Company maintains its 2016 full-year
financial expectations with revenue at the level of DKK 1,000 million and a
break-even result before interest and tax (EBIT).

Bavarian Nordic expects to use the proceeds from the Offering to accelerate
its commercial vaccine pipeline, including its CV-301 cancer immunotherapy
and MVA-BN RSV program, as well as for potential expansion of its existing
manufacturing facility.

Expected timetable for the Offering

| Expected date of payment against delivery 18 April 2016 |
| Expected date of registration of the capital increase with the Danish Business 18 April 2016 |
|Authority |
| Expected date for admission for listing of new shares under the existing ISIN 19 April 2016 |
|code |

This announcement is not a prospectus and investors should not purchase any
securities referred to in this announcement on the basis of this
announcement. The information contained in this announcement is for
background purposes only and does not purport to be full or complete. No
reliance may or should be placed by any person for any purposes whatsoever on
the information contained in this announcement or on its completeness,
accuracy or fairness. The information in this announcement is subject to
change. No obligation is undertaken to update this announcement or correct
any inaccuracies, and the distribution of this announcement shall not be
deemed to be any form of commitment on the part of the company to proceed
with any transaction or arrangement referred to herein. This announcement has
not been approved by any competent regulatory authority.

This announcement does not constitute or form part of any offer or invitation
to sell or issue, or any solicitation of any offer to purchase or subscribe
for any shares or any other securities nor shall it (or any part of it) or
the fact of its distribution, form the basis of, or be relied on in
connection with or act as an inducement to enter into, any contract or
commitment whatsoever. The transactions described in this announcement and
the distribution of this announcement and other information in connection
with the transactions in certain jurisdictions may be restricted by law and
persons into whose possession this announcement, any document or other
information referred to herein comes should inform themselves about, and
observe, any such restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America. This announcement is not
an offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States, except pursuant to an applicable exemption from registration.
No public offering of securities is being made in the United States.

In particular, this announcement does not contain or constitute an offer of,
or the solicitation of an offer to buy or subscribe for, securities to any
person in Australia, Canada, South Africa or Japan, or in any jurisdiction to
whom or in which such offer or solicitation is unlawful. There is no
intention to register any securities referred to herein in Australia, Canada,
South Africa or Japan.

This announcement has been prepared on the basis that any offers of securities
referred to herein in any Member State of the EEA will be made pursuant to an
exemption under the Prospectus Directive from the requirement to publish a
prospectus for offers of such securities. The information set forth in this
announcement is only being distributed to, and directed at, persons in Member
states of EEA which have implemented the Prospectus Directive (Directive No.
2003/71/EC and amendments thereto, including Directive No. 2010/73/EU, to the
extent implemented in the relevant Member State) who are qualified investors
("Qualified Investors") within the meaning of Article 2(1)(e) of the
Prospectus Directive. In addition, in the United Kingdom, this information is
only being distributed to and is only directed at (x) Qualified Investors who
are investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended
(the "Order") or (y) high net worth entities falling within Article
49(2)(a)-(d) of the Order, or (z) persons to whom it may otherwise lawfully
be communicated.

None of the company, the managers or any of their respective subsidiary
undertakings, affiliates or any of their respective directors, officers,
employees, advisers, agents or any other person accepts any responsibility
whatsoever for, or makes any representation or warranty, express or implied,
as to the truth, accuracy, completeness or fairness of the information or
opinions in this announcement (or whether any information has been omitted
from the announcement) or any other information relating to the company or
associated companies, whether written, oral or in a visual or electronic
form, and howsoever transmitted or made available or for any loss howsoever
arising from any use of this announcement or its contents or otherwise
arising in connection therewith.

This announcement does not constitute an investment recommendation. The price
and value of securities and any income from them can go down as well as up
and you could lose your entire investment. Past performance is not a guide to
future performance. Information in this announcement cannot be relied upon as
a guide to future performance.

About Bavarian Nordic

Bavarian Nordic is a fully integrated biotechnology company focused on the
development, manufacturing and commercialization of cancer immunotherapies
and vaccines for infectious diseases, based on the Company's live virus
vaccine platform. Through long-standing collaborations, including a
collaboration with the U.S. government, Bavarian Nordic has developed a
portfolio of vaccines for infectious diseases, including the non-replicating
smallpox vaccine, IMVAMUNE®, which is stockpiled for emergency use by the
United States and other governments. The vaccine is approved in the European
Union (under the trade name IMVANEX®) and in Canada. Bavarian Nordic and its
partner Janssen are developing an Ebola vaccine regimen, which has been
fast-tracked, with the backing of worldwide health authorities, and a vaccine
for the prevention and treatment of HPV. Additionally, in collaboration with
the National Cancer Institute, Bavarian Nordic has developed a portfolio of
active cancer immunotherapies, including PROSTVAC®, which is currently in
Phase 3 clinical development for the treatment of advanced prostate cancer.
The company has partnered with Bristol-Myers Squibb for the potential
commercialization of PROSTVAC. For more information
visitwww.bavarian-nordic.comor follow us on Twitter@bavariannordic.

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. All
such forward-looking statements are expressly qualified by these cautionary
statements and any other cautionary statements which may accompany the
forward-looking statements. 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.


Rolf Sass Sørensen
Vice President Investor Relations (EU)
Tel: +45 61 77 47 43

Seth Lewis
Vice President Investor Relations (US)
Tel: +1 978 341 5271

Company Announcement no. 10 / 2016


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bavarian Nordic A/S via Globenewswire


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