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

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                   A. J. Aamund A/S

 Reason for transaction Closely related to Asger Aamund, Chairman of the Board
                        of Bavarian Nordic A/S

 Issuer                 Bavarian Nordic A/S

 ID code/ISIN           DK0060205185

 Description            New shares

 Transaction            Exercise of preemptive rights for the subscription of
                        new shares

 Trading date           29 January 2010

 Market                 NASDAQ OMX Copenhagen

 Number                 222,049

 Market value (DKK)     17,763,920.00




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

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.

About Bavarian Nordic
Bavarian Nordic A/S is a leading industrial 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 is focused in
the three areas; biodefence, cancer and infectious diseases, and includes seven
development programmes. Two programmes are under preparation for Phase III:
IMVAMUNE®, a third-generation smallpox vaccine is being developed under a
contract with the US government, and PROSTVAC(TM), a therapeutic vaccine for
advanced prostate cancer is being developed under a collaboration agreement with
the National Cancer Institute.

Bavarian Nordic is listed on NASDAQ OMX Copenhagen under the symbol BAVA.

For more information please visit www.bavarian-nordic.com
<http://www.bavarian-nordic.com/>





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