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Bavarian Nordic A/S - Interim Report for the Period 1 January to 30 September 2009
Date:11/11/2009

l agreement for the purchase of 400,521 shares in the US subsidiary, BN ImmunoTherapeutics Inc., from the CEO and President Reiner Laus and two former employees in the subsidiary with the purpose of obtaining full ownership of the subsidiary. Further, stock options issued to employees in the subsidiary are repurchased. This transaction forms part of Bavarian Nordic's strategy to strengthen the cancer business area and will give the company full control over the group's activities in this field.

The agreement will have no consequences for the future strategy, organisation and operation of BN ImmunoTherapeutics Inc.

The consideration to Reiner Laus and the two former employees will be paid in part with 136,177 new shares of DKK 10 each in Bavarian Nordic A/S and in part with a number of future milestone payments that are triggered upon the successful completion of a number of pre-defined development milestones.

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 developm
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