Report of transactions of shares and related securities of


Pursuant to Section § 28a of the Danish Act on Securities Trading,
Bavarian Nordic A/S shall make public transactions of shares and
related securities of Bavarian Nordic A/S by persons holding
managerial responsibilities and/or persons/companies closely
associated with such.


Name                   Ole Larsen
Reason for transaction Member of the Executive Management in Bavarian
                       Nordic
Issuer                 Bavarian Nordic A/S
ID code/ISIN           DK0015998017
Description            Shares
Transaction            Purchase
Trading date           1 April 2009
Market                 NASDAQ OMX Copenhagen
Number                 800
Market value (DKK)     91,900.00



Asger Aamund
Chairman

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

Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

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