English prospectus supplement.

Not for release, publication or distribution, directly or indirectly, in or into
Australia, Canada, Japan or the United States This announcement does not
constitute or form part of an offer to sell or the solicitation of an offer to
buy the securities of Bavarian Nordic A/S (the "Securities") in Australia,
Canada, Japan or 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
jurisdiction outside Denmark and the United Kingdom. Copies of this announcement
are not being made and may not be distributed or sent into Australia, Canada,
Japan or the United States.


[HUG#1377509]





    Bavarian Nordic - Prospectus Supplement no. 1: http://hugin.info/100065/R/1377509/338406.pdf