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Company Announcement no. 25-05
20 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

Closely related to the chairman of the Board of Bavarian Nordic A/S

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0015998017

Description

Shares (new)

Transaction

Purchase/exercise of pre-emption rights

Trading date

17 June 2005

Market

Copenhagen Stock Exchange

Number

194,444

Market value (DKK

69,999,840.00





Kvistgård, 20 June 2005

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