• Ongoing contracts including options total more than 500,000 smallpox vaccine doses

• First commercial contract after approval of IMVAMUNE in Canada

KVISTGAARD, Denmark, August 26, 2014 - Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announced today that it has signed two contracts with the Canadian authorities for the delivery of a total of 65,700 doses of IMVAMUNE smallpox vaccine. The vaccines will be delivered in 2014 and 2015. This will bring the current number of delivered doses of IMVAMUNE to Canada above 100,000 doses.

Following a public tender, the Public Health Agency of Canada has awarded Bavarian Nordic a contract to deliver 45,700 doses of IMVAMUNE with the option to deliver an additional 314,300 doses. This contract represents the first commercial contract awarded by the Canadian authorities to Bavarian Nordic after receiving approval of IMVAMUNE by Health Canada in 2013.

Secondly, the Canadian Department of National Defence, through exercise of an option under an ongoing contract, has ordered 20,000 doses of IMVAMUNE smallpox vaccine to replace the current stockpile for the Canadian Armed Forces. This contract was awarded in 2008 with initial deliveries of 20,000 doses in 2009, followed by a replacement order in 2012. Under this contract, an option of an additional 140,000 doses remains.

Paul Chaplin, President & CEO of Bavarian Nordic said: "Having supplied our smallpox vaccine for the armed forces since 2008, we are pleased to continue our collaboration with the Canadian defense to address their biological preparedness. We are also pleased to supply the first commercial quantities of IMVAMUNE to the Public Health Agency of Canada following the approval in 2013 of IMVAMUNE for use in a public health emergency in individuals who are contraindicated to replicating smallpox vaccines."

The contracts do not affect the Company`s financial guidance for 2014.

Contacts
Rolf Sass Sørensen, Vice President Investor Relations (EU). Phone +45 61 77 47 43
Seth Lewis, Vice President Investor Relations (US). Phone + 1 978-298-5654

About IMVAMUNE Smallpox Vaccine
IMVAMUNE is being developed as a safer smallpox vaccine for individuals who should not receive traditional replicating vaccines, such as people with atopic dermatitis (AD) and HIV. IMVAMUNE is the Company`s most advanced clinical program based on MVA-BN® - a robust and adaptable vaccine platform suitable for addressing a wide variety of infectious diseases and cancer. Studies comprising more than 7,400 subjects, including people diagnosed with AD or infected with HIV, suggest that IMVAMUNE has a favorable safety profile. In 2013, the vaccine was approved in Canada under the trade name IMVAMUNE and in the European Union under the trade name IMVANEX®.