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Company Announcement no. 23-05
14 June 2005
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Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

Pursuant to Section § 28a of the Danish Act on Securities Trading, Bavarian Nordic A/S shall make public transactions of shares and related securities of Bavarian Nordic A/S by persons holding managerial responsibilities and/or persons/companies closely associated with such.

Name

A.J. Aamund A/S

Reason for transaction

Related to the chairman of the Board of Bavarian Nordic A/S

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0015998017

Description

Pre-emption rights

Transaction

Sales of pre-emption rights

Trading date

13 June 2005

Market

Copenhagen Stock Exchange

Number

13,478

Market value (DKK)

593,975.46



A.J. Aamund A/S informs that the sale of pre-emption rights does not change A.J. Aamund A/S’s commitment to subscribe to new shares corresponding to gross proceeds of approximately DKK 60.0 million. A.J. Aamund A/S expect to subscribe to new shares corresponding to gross proceeds of approximately DKK 70.0 million, i.e. an additional DKK 10.0 million compared to the commitment. The sale of pre-emption rights, as announced herein above, is part of the exceeding amount of A.J. Aamund A/S’s pre-emption rights after subscription of new shares for approximately DKK 70.0 million.

Name

Peter Wulff

Reason for transaction

President & CEO

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0015998017

Description

Pre-emption rights

Shares (new)

Transction

Sales of pre-emption rights

Purchase/exercise of pre-emption rights

Trading date

13 June 2005

13 June 2005

Market

Copenhagen Stock Exchange

Copenhagen Stock Exchange

Number

6,758

1,000

Market value (DKK)

296,432.91

360,000.00



Name

Eigil Bjerl Nielsen

Reason for transaction

Member of the Board

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0015998017

Description

Pre-emption rights

Shares (new)

Transaction

Sales of pre-emption rights

Purchase/exercise of pre-emption rights

Trading date

13 June 2005

13 June 2005

Market

Copenhagen Stock Exchange

Copenhagen Stock Exchange

Number

6,016

3,800

Market value (DKK)

264,704.00

1,368,000,000.00





Kvistgård, 14 June 2005

Asger Aamund
Chairman of the Board
Contacts:
Anders Hedegaard, President & CEO, Tel.: +45 3326 8383
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