Bavarian Nordic Awards Warrants to Newly Appointed Member of the Executive Management

KVISTGAARD, Denmark - February 12, 2013 - Bavarian Nordic A/S (OMX: BAVA) announced today that the Board of Directors in Bavarian Nordic A/S has decided to award warrants to a new member of the executive management. The Board decision is made in accordance with the shareholder authorisation for the Board of Directors adopted as Article 5b of the Articles of Association. The award is made by the Board of Directors and exercise is limited by the Danish Act on Options for Employees (the Stock Option Act/aktieoptionsloven) regarding termination of employment prior to exercise of warrants.

A total of 50,000 warrants are awarded for subscription of up to 50,000 shares of a nominal value of DKK 10 at an exercise price of DKK 55.0 per share. The exercise price is established as the average share price ("closing price") for the Company's share in a period of 15 business days prior to this day added a 15 % premium.

The warrants can be exercised wholly or partly in a period of 14 days commencing from the day of publication of the Company's annual report for 2015, from the day of publication of the Company's half-year report for 2016, from the day of publication of the Company's annual report for 2016 and/or in a period of 14 days commencing from the day of publication of the Company's half-year report for 2017.

Referring to the Danish Securities Act, Section 28a it is announced that the following people, obliged to notify the Company of transactions involving Bavarian Nordic securities, are awarded warrants:  

New member of executive management: James B. Breitmeyer (50,000 warrants).

The value of each warrant equals DKK 6.0 and is calculated on the Black-Scholes model with a risk-free interest rate of 0.22 per cent and on the historical volatility of the shares. The calculation is based on a market value of the share of DKK 45.5 per share.

The award of warrants will incur consequential amendments to the Articles of Association.

Asger Aamund

Chairman of the Board

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

About Bavarian Nordic
Bavarian Nordic is a vaccine-focused biotechnology company developing and producing novel vaccines for the treatment and prevention of life-threatening diseases with a large unmet medical need. The company's pipeline targets cancer and infectious diseases, and includes ten development programs. In oncology, the company’s lead program is PROSTVAC®, a therapeutic vaccine candidate for advanced prostate cancer that is the subject of an ongoing pivotal Phase 3 trial and is being developed under a collaboration agreement with the National Cancer Institute. In clinical Phase 1 and Phase 2 trials, PROSTVAC® has been tested in nearly 600 patients. In infectious diseases, the company’s lead program is IMVAMUNE®, a non-replicating smallpox vaccine candidate that is being developed and supplied for emergency use to the U.S. Strategic National Stockpile under a contract with the U.S. Government. For more information, visit 

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. 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. 

Company Announcement no. 4 / 2013