Bavarian Nordic A/S – Major Shareholder Announcement

Kvistgård, Denmark, March 15, 2011 - Bavarian Nordic A/S (OMX: BAVA) announces in pursuance of the Danish Securities Trading Act's section 29, that the company has received information that BB Biotech AG has increased its holding of shares in Bavarian Nordic A/S.

BB Biotech AG subsequently holds a total of 693,512 shares, corresponding to 5.35 % of the total share capital of Bavarian Nordic A/S.