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2016-05-19

Bavarian Nordic A/S: Bavarian Nordic Announces USD 100 Million Supply Contract for IMVAMUNE Smallpox Vaccine with the U.S. Government

* New order affirms the U.S. Government commitment to freeze-dried IMVAMUNE

COPENHAGEN, Denmark, May 19, 2016
- Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) today announced that the
Biomedical Advanced Research and Development Authority (BARDA), a division of
the U.S. Department of Health&Human Services, has ordered a bulk supply of
IMVAMUNE®non-replicating smallpox vaccine, valued at USD 100 million.

Under this new order, Bavarian Nordic will manufacture and store a bulk supply
of IMVAMUNE. This bulk material can be converted into freeze-dried IMVAMUNE
at a later date, once the freeze-drying manufacturing process has been
transferred to a commercial line, and is approved by the U.S. authorities.
This new bulk vaccine order will be produced and revenue recognized in 2017.
This order follows a USD 133 million order for bulk IMVAMUNE in 2015
resulting in a total current investment of USD 233 million to date. A
contract for the eventual delivery of finished product to the U.S. Government
is still required prior to determining a dose price of the freeze-dried
formulation.

The freeze-dried version of IMVAMUNE is expected to reduce the life cycle
management costs based on a longer shelf life and will replace the
liquid-frozen version that is currently stockpiled in the U.S. Strategic
National Stockpile (SNS). The freeze-dried version is well positioned to
fulfill the U.S. Government's long-term requirements for sufficient
non-replicating smallpox vaccine to protect 66 million Americans, comprised
of those individuals for whom a replicating smallpox vaccine is not
recommended and their household contacts.

"We are pleased to announce our continued successful collaboration with the
U.S. government, specifically BARDA and the NIH. This additional order of
IMVAMUNE will ensure that the preparedness of the U.S. government and the
protection of its people will not wane," said Paul Chaplin, President&Chief
Executive Officer of Bavarian Nordic. "It has been investments like this by
BARDA, and the research at the NIH, which have allowed successful medical
countermeasures to be stockpiled."

Federal funding acknowledgements

Procurement and development of IMVAMUNE has been funded in whole or in part
with Federal funds from the Office of the Assistant Secretary for
Preparedness and Response, Biomedical Advanced Research and Development
Authority, under Contract No. HHSO100200700034C.

The development of a freeze-dried formulation of IMVAMUNE has been funded in
whole or in part with Federal funds from the Office of the Assistant
Secretary for Preparedness and Response, Biomedical Advanced Research and
Development Authority, under Contract No. HHSO100201000011C.

About IMVAMUNE Smallpox Vaccine

IMVAMUNE is being developed as a smallpox vaccine for individuals for whom
traditional replicating vaccines are contraindicated, such as people with
atopic dermatitis (AD) and HIV. IMVAMUNE is the Company's most advanced
commercial program. Studies comprising more than 7,600 subjects, including
people diagnosed with AD or infected with HIV, demonstrate that IMVAMUNE has
a favorable safety profile. In 2013, the vaccine was approved in Canada under
the trade name IMVAMUNE and in the European Union under the trade name
IMVANEX®.

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. 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.

Contacts

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. 16 / 2016

2016-16-en
http://hugin.info/100065/R/2013331/746397.pdf

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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

HUG#2013331

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