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

Not for release, publication or distribution in the United States, Canada,
Australia or Japan
This announcement does not constitute an offer to sell or the solicitation of an
offer to buy the securities of Bavarian Nordic A/S (the "Securities") in 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 other jurisdiction outside Denmark and the United
Kingdom. Copies of this announcement are not being made and may not be
distributed or sent into the United States, Canada, Australia or Japan.
This announcement is only being distributed to, and is only directed at, persons
in the United Kingdom that are qualified investors, as that term is defined in
the Prospectus Directive, that are also (i) "investment professionals" falling
within Article 19(5) of the Financial Service and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order") or (ii) "high net worth entities"  and other
persons to whom it may lawfully be communicated, falling within the meaning of
Article 49(2)(a) to (d) of the Order (all such persons being "relevant
persons"). The securities of Bavarian Nordic A/S (the "Securities") are only
available to relevant persons and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such Securities will be engaged in only
with relevant persons. Any person who is not a relevant person should not act or
rely on this announcement or any of its content.
Kvistgaard, Denmark, May 18, 2011 - Pursuant to Section § 28a of the Danish Act
on Securities Trading, Bavarian Nordic A/S reports the following transactions of
shares and related securities of Bavarian Nordic A/S by persons holding
managerial responsibilities and/or persons/companies closely associated with
such.

Reiner Laus, Executive Vice President of Bavarian Nordic, has notified Bavarian
Nordic, that he has sold 113,004 subscription rights. Subsequently, Reiner Laus
holds 22,996 subscription rights, which allow for the subscription of 22,996 new
shares under the ongoing rights issue. As previously announced, Reiner Laus will
participate in the rights issue on a cash-neutral basis (after transaction
costs), and thus will subscribe for 22,996 new shares of DKK 54, totalling a
market value of DKK 1,241,784.00.


Name                   Reiner Laus

Reason for transaction Member of the Group Management of Bavarian Nordic A/S

Issuer                 Bavarian Nordic A/S

ID code/ISIN           DK0060307932

Description            Subscription rights

Transaction            Sale

Trading date           17 May 2011

Market                 NASDAQ OMX Copenhagen

Number                 113.004

Market value (DKK)     1,243,044.00



Name                   Erling Johansen

Reason for transaction Member of the Board of Directors of Bavarian Nordic A/S

Issuer                 Bavarian Nordic A/S

ID code/ISIN           DK0060308070

Description            New shares

Transaction            Subscription of new shares

Trading date           25 May 2011

Market                 NASDAQ OMX Copenhagen

Number                 1,850

Market value (DKK)     99,900.00



Asger Aamund
Chairman of the Board

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

About Bavarian Nordic
Bavarian Nordic is a vaccine-focused 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 clinical pipeline
targets cancer and infectious diseases, and includes seven development
programmes. Two programmes are under preparation for Phase III: PROSTVAC(®), a
therapeutic vaccine for advanced prostate cancer is being developed under a
collaboration agreement with the National Cancer Institute, and IMVAMUNE(®), a
third-generation smallpox vaccine is being developed under a contract with the
US government.

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

For more information please visit www.bavarian-nordic.com

PROSTVAC(®) is a registered trademark in the U.S.

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.



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