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2016-11-23

Bavarian Nordic A/S: Capital Increase in Bavarian Nordic A/S as a Result of Employee Warrant Exercise

COPENHAGEN, Denmark, November 23, 2016
- Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announced today that the
Company's share capital has been increased by nominally DKK 4,197,860 as a
consequence of employees' exercise of warrants.

The capital increase was effected without any pre-emption rights for the
existing shareholders of the Company or others. The shares were subscribed
for in cash at the following prices per share of nominally DKK 10: 286,283
shares at DKK 73.90 and 133,503 shares at DKK 59.10. The total proceeds to
Bavarian Nordic A/S from the capital increase amounts to DKK 29 million.

The new shares, which will rank pari passu in all respects with existing
Bavarian Nordic shares, will be admitted to trading and official listing on
Nasdaq Copenhagen as soon as possible.

Pursuant to section 10 of Executive Order no. 1258 of November 9, 2015 on
Issuers' Disclosure Obligations, it is hereby announced, that the total
nominal value of Bavarian Nordic A/S' share capital after the capital
increase is DKK 313,538,460, which is made up of 31,353,846 shares of a
nominal value of DKK 10 each, corresponding to 31,353,846 votes.

The revised Articles of Association will be published separately and will
subsequently be available on the Company's website.

The content of this announcement does not affect the Company's expectations
for the financial results for 2016.

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.

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. 29 / 2016

2016-29-en
http://hugin.info/100065/R/2058649/771532.pdf

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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