Prospectus supplement no. 1 to prospectus of 8 January 2010 issued by Bavarian Nordic A/S

Not for release, publication or distribution, directly or indirectly in or into Australia, Canada, Japan or the United States

This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to buy the securities of Bavarian Nordic A/S (the "Securities") in Australia, Canada, Japan or the United States or in any other jurisdiction. The Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The issuer of the Securities has not registered, and does not intend to register, any portion of the Offering in the United States or in any jurisdiction outside Denmark and the United Kingdom, and does not intend to conduct a public offering of the Securities in the United States or in any jurisdiction outside Denmark and the United Kingdom. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan or the United States.

Kvistgård, Denmark, January 27, 2010 - Bavarian Nordic A/S (OMX: BAVA) publishes today a prospectus supplement (the "Prospectus Supplement") which contains information regarding Bavarian Nordic A/S's pending suit against Oxford BioMedica as described in prospectus of 8 January 2010 (the "Prospectus") and should be read and construed in conjunction with the Prospectus. The Prospectus Supplement is considered to be incorporated in and to make up a component of the Prospectus.

Prospectus supplement

Following publication the Prospectus Supplement will be available for inspection at Bavarian Nordic A/S' office, Hejreskovvej 10A, DK-3490 Kvistgaard, Denmark. The Prospectus Supplement is furthermore available on the website - except to persons subject to legislation prohibiting this - at www.bavarian-nordic.com, and will be available from: 

E-mail: prospekt.ca@nordea.com

E-mail: prospekt@enskilda.dk 

Contact:

Anders Hedegaard, President & CEO.
Phone: +45 23 20 30 64