Bavarian Nordic Announces Major Shareholder Notification from Invesco Ltd.

Copenhagen, Denmark, November 16, 2020 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) announces that the Company, as set out in Section 38 in the Danish Capital Markets Act and section 55, cf. 56 of the Danish Companies Act, has received notification from Invesco Ltd confirming that that Invesco Ltd., as of 9 November 2020, indirectly holds more than 5% of the voting rights in Bavarian Nordic A/S.

The voting rights indirectly controlled by Invesco Ltd. are held by Invesco Advisers, Inc. to which voting right have been delegated by a number of funds managed by affiliates of the Invesco group management companies.

About Bavarian Nordic

Bavarian Nordic is a fully integrated vaccines company focused on the development, manufacture and commercialization of life-saving vaccines. We are a global leader in smallpox vaccines and have 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 under the trade name JYNNEOS^®, also for the protection against monkeypox. The vaccine is approved as a smallpox vaccine in Europe under the trade name IMVANEX^® and in Canada under the trade name IMVAMUNE^®. Our commercial product portfolio furthermore contains the market-leading vaccine Rabipur^®/RabAvert^® against rabies and Encepur^® against 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 Ebola vaccine, MVABEA^®, which is licensed to Janssen. For more information visit .

Contacts

Europe: Rolf Sass Sørensen, Vice President Investor Relations, Tel:

US: Graham Morrell, Paddock Circle Advisors, , Tel:

Company Announcement no. 50 / 2020

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