Bavarian Nordic A/S May 9th announced the initiation of a new share buy-back program, under which the Company intends to buy back up to 71,562 of its own shares.

The purpose of the share buy-back program is to meet the Company’s obligations arising from the share-based incentive programs for the Board of Directors and Executive Management, in accordance with the Company’s remuneration policy.

The share buy-back program is initiated pursuant to the authorization granted at the annual general meeting on April 5, 2022, according to which the Company may purchase up to 10 % of the Company’s share capital for the time being.

The share buy-back program will be executed in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and supplementing Regulation (EU) 2016/1052 of 8 March 2016, which together constitute the Safe Harbour Regulation.

Bavarian Nordic A/S has appointed Danske Bank A/S Lead Manager of the program. Danske Bank A/S will buy back shares on behalf of Bavarian Nordic A/S and make decisions on trading with Bavarian Nordic A/S’ shares independently and without influence of Bavarian Nordic A/S.

The program will be implemented in accordance with the authorization within the following scope:

• A maximum of 71,562 shares will be purchased within the duration of the program.
• The maximum consideration for Bavarian Nordic A/S-shares purchased within the duration of the program is DKK 20 million. However, based on the closing price of Bavarian Nordic’s share on Nasdaq Copenhagen A/S on May 6, 2022, the total consideration is expected to be in the level of DKK 9.5 million.
• The program terminates at the latest on May 18, 2022.
• The maximum number of shares, which may be purchased per trading day, shall not exceed 25% of the average daily volume of shares in the Company traded on Nasdaq Copenhagen A/S in the preceding 20 trading days.
• The shares may not be purchased at a price which is higher than the higher of the following:
  • The price of the last independent trade.
  • The highest current independent purchase bid on Nasdaq Copenhagen A/S.

Bavarian Nordic A/S may terminate the program at any time. If the Company determines to terminate the program, the Company will give notice hereof.