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2015-05-21

Bavarian Nordic A/S: Members of the management and the board increase their share holdings in Bavarian Nordic A/S

KVISTGAARD, Denmark, May 21, 2015
- Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announces that members of the
Company's management and board of directors, who in accordance with Section
28a of the Danish Securities Trading Act are subject to reporting of trading
in Bavarian Nordic shares and related securities, have reported the following
transactions to the Danish Financial Supervisory Authority
("Finanstilsynet"):

President&CEO Paul Chaplin has exercised 25,000 warrants for the subscription
of 25,000 new shares. Subsequently, Paul Chaplin has sold 10,000 shares,
thereby increasing his holding to 26,800 shares in Bavarian Nordic.

Executive Vice President&CFO Ole Larsen has exercised 25,000 warrants for the
subscription of 25,000 new shares. Subsequently, Ole Larsen has sold 22,000
shares, thereby increasing his holding to 6,000 shares in Bavarian Nordic.

Member of the board of directors Anders Gersel Pedersen has exercised 5,000
warrants for the subscription of 5,000 new shares. Subsequently, Anders
Gersel Pedersen has sold 4,500 shares, thereby increasing his holding to 500
shares in Bavarian Nordic.

Detailed information on the transactions is found on the Danish Financial
Supervisory Authority's website:www.ftnet.dk/en. Further reference is made to
the Company's announcement no. 15 / 2015 of May 18, 2015 regarding employees'
exercise of warrants.

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

About Bavarian Nordic

Bavarian Nordic is a biopharmaceutical company focused on the development and
manufacturing of cancer immunotherapies and vaccines for infectious diseases.
Through a long-standing collaboration with the U.S. Government, Bavarian
Nordic has developed a portfolio of biological countermeasures, including the
non-replicating smallpox vaccine, IMVAMUNE®, which is stockpiled for
emergency use by the U.S. and other governments. The vaccine is approved in
the EU (under the trade name IMVANEX®) and in Canada. Bavarian Nordic and its
partner Janssen are pioneering the development of an Ebola vaccine, which has
been fast-tracked by authorities in response to the current situation in West
Africa. Additionally, in collaboration with the National Cancer Institute,
Bavarian Nordic has developed a portfolio of active cancer immunotherapies
based on its versatile pox-virus based technologies, 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.

20150521en
http://hugin.info/100065/R/1923186/689662.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#1923186

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