COPENHAGEN, Denmark, January 6, 2020 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) today announced that the Board of Directors in Bavarian Nordic A/S has decided to issue warrants to Jean-Christophe May, newly appointed Chief Commercial Officer and member of the executive management. The decision is made in accordance with the shareholder authorization for the board of directors adopted as Article 5b of the Articles of Association and the Company’s guidelines regarding incentive remuneration.

The Board of Directors has issued 23,763 warrants which entitle the warrant holder to subscribe for up to 23,763 shares in total with a nominal value of DKK 10 each at an exercise price of DKK 197 per share. The warrants may be exercised wholly or partly during eight fixed subscription periods during 2023 and 2024.

The value of each warrant equals DKK 52.5 and is calculated on the Black-Scholes model with a risk-free interest rate of -0.65 per cent and on the historical volatility of the shares. The calculation is based on a share price of DKK 171.2.

About Bavarian Nordic
Bavarian Nordic is a fully integrated biotechnology company focused on the development, manufacture and commercialization of life-saving vaccines. We are a global leader in smallpox vaccines and has been a long-term supplier to the U.S. Strategic National Stockpile of a non-replicating smallpox vaccine, which has been approved by the FDA, also for the protection against monkeypox. Our commercial product portfolio furthermore contains market-leading vaccines against rabies and tick-borne encephalitis. Using our live virus vaccine platform technology, MVA-BN®, we have created a diverse portfolio of proprietary and partnered product candidates designed to save and improve lives by unlocking the power of the immune system, including an investigational Ebola vaccine, licensed to Janssen. For more information visit

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. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. 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.

Rolf Sass Sørensen
Vice President Investor Relations (EU)
Tel: +45 61 77 47 43

Graham Morrell, Paddock Circle Advisors (US)       
Tel: +1 781 686 9600

Company Announcement no. 01 / 2020