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Bavarian Nordic and Oxford BioMedica settle all legal disputes on MVA-BN®

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) announced today that Bavarian Nordic and Oxford BioMedica have reached a global settlement ending the legal disputes between the parties on matters relating to Modified Vaccinia Ankara (MVA-BN®).

Under the agreement, Bavarian Nordic will grant a license to its MVA-BN® patents in return for Oxford BioMedica making milestone payments and royalties. As a part of the agreement Oxford BioMedica will grant Bavarian Nordic a license to its heterologous prime-boost patents in return for Bavarian Nordic making milestone payments and royalties and a sub-license under poxvirus patents licensed to Oxford BioMedica by sanofi aventis.

Under the settlement, the terms of which are confidential, all pending litigation will cease and all oppositions filed at the European Patent Office by Oxford BioMedica will be withdrawn. In addition both companies have agreed to initiate business discussions concerning a possible future collaboration based on each company's expertise in poxvirus vaccines and Bavarian Nordic's commercial manufacturing capability.

The agreement will have no impact on the company's financial guidance for 2009 and 2010.

In a joint statement, John Dawson CEO of Oxford BioMedica and Anders Hedegaard CEO of Bavarian Nordic commented: "This settlement brings to an end the legal disputes between the two companies and provides a basis for both companies to progress their respective vaccine businesses."