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Bavarian Nordic completes offering

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, February 2, 2010 - Bavarian Nordic A/S (OMX: BAVA) today completed an offering of shares of up to 3,975,872 new shares each of a nominal value of DKK 10 with pre-emptive rights to the Company's existing shareholders. In the offering, 3,960,307 new shares with a nominal value of DKK 10 each were subscribed, corresponding to 99.6% of the new shares.

The new shares were subscribed at DKK 80 per share with a nominal value of DKK 10, resulting in gross proceeds to Bavarian Nordic of approximately DKK 317 million, equivalent to net proceeds of approximately DKK 298 million after deduction of expenses related to the offering.

The new shares are expected to be admitted to trading and official listing on NASDAQ OMX Copenhagen A/S on 4 February 2010 under the same ISIN code as Bavarian Nordic's existing shares.

Following registration of the 3,960,307 new shares with a nominal value of DKK 10 each, Bavarian Nordic's nominal share capital will be DKK 119,120,520 corresponding to 11,912,052 shares with a nominal value of DKK 10 each. Each share with a nominal value of DKK 10 carries one vote.

The new shares have the same rights as the Company's existing shares.

Anders Hedegaard, President & CEO comments: "We are delighted to announce a successful result of our rights issue, which has attracted a lot of positive attention from both new and existing investors at home and abroad. With the rights issue completed we look forward to an exciting year for Bavarian Nordic, where we expect to fulfil a number of significant strategic milestones for the company. Our capital preparedness has been strengthened, allowing us to maintain the momentum in the development and production of IMVAMUNE® in order to deliver once we get the approval from the US authorities, expectedly in first half of 2010. Also, the proceeds from the rights issue ensure that we can maintain the speed and focus in our preparations for the pivotal Phase III studies with PROSTVAC&trade,."