NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
COPENHAGEN, Denmark, September 29, 2025 - With reference to the announcement of 26 August 2025 (no. 24/2025) regarding the publication of the offer document (the "Offer Document") concerning the all-cash voluntary recommended public takeover offer to acquire all of the issued and outstanding shares (except treasury shares) in Bavarian Nordic A/S ("Bavarian Nordic") by Innosera ApS (the "Offeror"), a company controlled by Nordic Capital Fund XI1 and funds managed and advised by Permira Beteiligungsberatung GmbH (the "Offer"), the Offeror has today published a supplement (the "Supplement") to the Offer Document. The Supplement extends the initial offer period of the Offer by two weeks, as the Offeror has informed Bavarian Nordic that such an extension is required to provide additional time to obtain the last outstanding regulatory approval necessary to satisfy the regulatory conditions of the Offer. The Supplement also provides certain supplementary information regarding distributions and a statement that the minimum acceptance condition as of the date of the Supplement has not been satisfied.
The Offeror has informed Bavarian Nordic that the Offeror has obtained regulatory approvals (or expiry of relevant waiting periods) relating to merger control in Australia, China, Saudi Arabia, Switzerland and United States and in relation to foreign direct investment in Germany, Italy and Denmark. Accordingly, the only outstanding regulatory approval is the merger control approval in the European Union. The Offeror currently expects this outstanding approval to be obtained (or the applicable waiting period to have expired) by mid-October 2025 with completion of the Offer taking place in mid-Q4 2025.
Pursuant to the Offer Document, the Offer became valid as of 26 August 2025 and was to expire on 30 September 2025 at 5:00 p.m. (CEST) unless extended in accordance with the terms of the Offer as set forth in the Offer Document. The offer period is now extended until and will expire on 14 October 2025 at 11:59 p.m. (CEST). Accordingly, any reference to the "Offer Period" in the Offer Document, the Board Statement (as defined below), or in any other document and/or announcement relating to the Offer shall mean the period starting on 26 August 2025 and expiring on 14 October 2025 at 11:59 p.m. (CEST).
Reference is also made to the statement published by Bavarian Nordic in company announcement no. 25/2025 whereby the Board of Directors2 decided to recommend the shareholders of Bavarian Nordic to accept the Offer (the "Board Statement"). The Supplement does not cause the Board of Directors to amend its recommendation to the shareholders of Bavarian Nordic to accept the Offer for the reasons described in the Board Statement.
The Supplement has been prepared by the Offeror and has been approved by the Danish Financial Supervisory Authority on 29 September 2025. All other terms and conditions of the Offer remain unchanged. Offer-related documents, including the Supplement, and English translations of such documents, are, subject to certain restrictions, available on Bavarian Nordic's website www.bavarian-nordic.com. Bavarian Nordic shareholders are advised to read the Offer Document, as amended by the Supplement, and the Board Statement in their respective entirety before deciding whether to accept the Offer.
Updated timetable including important dates in connection with the Offer
As a consequence of the amended offer period, the Offeror's expected timetable is updated to the following:
| Event | Date |
| Publication of Supplement to the Offer Document concerning extension of the offer period until 14 October 2025. | 29 September 2025 |
| Expiry of the initial offer period - the date is no longer relevant in relation to the Offer. | 30 September 2025 |
| Expiry of the extended offer period (subject to further extension of the offer period and provided that the Offer is not withdrawn by the Offeror in accordance with the terms of the Offer). | 14 October 2025 at 11:59 p.m. (CEST) |
| Announcement of preliminary result of the Offer (alternatively, latest time for announcement of extension of the offer period or withdrawal of the Offer). | 15 October 2025 (18 hours after the expiry of the offer period) |
| Latest expected time for the announcement of the final result of the Offer. | 20 October 2025 |
| Latest expected date for settlement of offer price for each share payable to Bavarian Nordic shareholders who have accepted the Offer3. | 11 November 2025 |
| Latest date on which the offer price per share payable to Bavarian Nordic shareholders under the Offer is expected to be available on such shareholders' bank account4. | 13 November 2025 |
Contact investors:
Europe: Rolf Sass Sørensen, Vice President Investor Relations, rss@bavarian-nordic.com, Tel: +45 61 77 47 43
US: Graham Morrell, Gilmartin Group, graham@gilmartinir.com, Tel: +1 781 686 9600
Contact media:
Nicole Seroff, Vice President Corporate Communications, nise@bavarian-nordic.com, Tel: +45 53 88 06 03
Company Announcement no. 27 / 2025
Attachments:
Publication of supplement, including update on regulatory approvals, and extension until 14 October 2025 of the offer period for the public tender offer to the shareholders of Bavarian Nordic A/S.
About Bavarian Nordic
Bavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. We are a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and have a leading portfolio of travel vaccines. For more information, visit www.bavarian-nordic.com.
DISCLAIMERS
This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell any securities and is neither a tender offer document nor a prospectus for the purposes of EU regulation 2017/1129, and as such does not constitute or form part of an offer or invitation to make a sales offer in any jurisdiction.
This announcement is not directed at shareholders of Bavarian Nordic resident in any jurisdiction in which the submission of the Offer, or acceptance thereof, or this announcement would contravene the law of such jurisdiction. Accordingly, neither this announcement nor any other material regarding the Offer may be distributed in any jurisdiction outside of Denmark or United States, if such distribution would require any registration, qualification, or other requirement in respect of any offer to purchase or sell securities or distribute documents or advertisements in respect thereof. Any person acquiring possession of this announcement or any other document referring to the Offer is expected and assumed to obtain on his or her own accord any necessary information on any applicable restrictions and to comply with such restrictions.
This announcement does not constitute an offer or invitation to purchase any securities in Bavarian Nordic or a solicitation of an offer to buy any securities, pursuant to the Offer or otherwise. The Offer is made solely by means of the Offer Document (as amended by the Supplement) approved by the Danish Financial Supervisory Authority, which contains the full terms and conditions of the Offer, including details of how the Offer may be accepted. Shareholders in Bavarian Nordic are advised to read the Offer Document (as amended by the Supplement) and the related documents as they contain important information.
The Offer is subject to the laws of Denmark. The Offer Document (as amended by the Supplement), the Board Statement and this announcement have been drawn up in the Danish and English languages. In the event of any discrepancy between the two language versions of the Offer Document, the Supplement, the Board Statement and this announcement, the Danish language version will prevail. The Offer relates to the securities of a Danish company and is subject to the disclosure requirements applicable under Danish law, which may be different in material aspects from those applicable in the United States.
For shareholders residing or precedent in the United States, please see notice below.
Forward looking statements
This announcement may contain, in addition to historical information, forward-looking statements related to the proposed tender offer. When used in this announcement, the words "aims," "anticipates," "assumes," "believes," "could," "estimates," "expects," "intends," "may," "plans," "should," "will," "would" and similar expressions as they relate to the Offeror and Bavarian Nordic or the Offer identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. Such statements are based on the Offeror's and management's current expectations and are subject to a number of uncertainties and risks, which could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements included in this announcement are based on information available to Bavarian Nordic as of the date of this announcement, and except to the extent Bavarian Nordic may be required to update such information under any applicable securities laws, Bavarian Nordic assumes no obligation to update such forward-looking statements.
Restricted jurisdictions
The Offer is not made, and the Bavarian Nordic shares will not be accepted by the Offeror for purchase from or on behalf of persons, in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction. Persons obtaining this announcement and/or into whose possession this announcement comes are required to take due note and observe all such restrictions and obtain any necessary authorizations, approvals or consents. Neither Bavarian Nordic nor any of its advisors accepts any liability for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who intends to forward this announcement to any jurisdiction outside Denmark should inform themselves of the laws of the relevant jurisdiction, before taking any action. The distribution of this announcement in jurisdictions other than Denmark may be restricted by law, and, therefore, persons who come into possession of this announcement should inform themselves about and observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws and regulations of any such jurisdiction.
Notice to shareholders in the United States
The Offer is subject to the laws of Denmark. The Offer relates to the securities of a Danish company and is subject to the disclosure requirements applicable under Danish law, which may be different in material respects from those applicable in the United States.
The Offer is being made in the United States in compliance with Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), and otherwise in accordance with the requirements of Danish law. The Offer is not subject to Section 14(d)(1) of, or Regulation 14D promulgated under, the Exchange Act. The Offer is subject to disclosure and procedural requirements that may be different from those applicable to U.S. domestic tender offers, including with respect to withdrawal rights, the Offer timetable, notices of extensions, announcements of results, settlement procedures (including as regards to the time when payment of the consideration is rendered), and waivers of conditions. In addition, any financial information included in the Offer documents may not have been prepared in accordance with generally accepted accounting principles in the United States and thus may not be comparable to financial information relating to U.S. companies. Shareholders whose place of residence, seat, or habitual residence is in the United States ("U.S. Shareholders") are encouraged to consult with their own advisors regarding the Offer.
The Offer is being made to U.S. Shareholders on the same terms and conditions as those made to all other shareholders to whom the Offer is made. Any information documents, including the offer to purchase, are disseminated to U.S. Shareholders on a basis reasonably comparable to the method that such documents are provided to other shareholders.
It may be difficult for U.S. Shareholders to enforce certain rights and claims they may have arising in connection with the Offer under U.S. securities laws, since the Offeror and Bavarian Nordic are located in non-U.S. jurisdictions, and some or all of their respective officers and directors are residents of non-U.S. jurisdictions. U.S. Shareholders may not be able to sue the Offeror or Bavarian Nordic and/or their respective officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may not be possible to compel the Offeror or their respective affiliates, as applicable, to subject themselves to the judgment of a U.S. court.
The receipt of cash pursuant to the Offer by a U.S. Shareholder may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as foreign and other, tax laws. Each U.S. Shareholder is urged to consult its independent professional advisor immediately regarding the tax consequences to such U.S. Shareholder of accepting the Offer.
In accordance with customary Danish practice and to the extent permitted by applicable law, including Rule 14e-5(b) of the Exchange Act, the Offeror or any affiliates or nominees or brokers of the foregoing (acting as agents or in a similar capacity), may from time to time make certain purchases of, or arrangements to purchase, shares (or any securities that are convertible into, exchangeable for or exercisable for such shares) outside of the U.S., other than pursuant to the Offer, before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. If, prior to completion of the Offer, the Offeror or any affiliates or any nominee or broker of the foregoing acquires Shares at a higher price than the offer price, the Offeror will increase the offer price correspondingly as required by applicable law. In addition, affiliates of the financial advisors to the Offeror may also engage in ordinary course trading activities in securities of Bavarian Nordic, which may include purchases or arrangements to purchase such securities as long as such purchases or arrangements are in compliance with applicable law and regulation. Any information about such purchases will be announced through Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law or regulation.
Neither the U.S. Securities and Exchange Commission nor any securities commission or other regulatory authority in any state of the United States has approved or declined to approve the Offer or any offer documents, passed upon the fairness or merits of the Offer, or provided an opinion as to the accuracy or completeness of this announcement or any other documents regarding the Offer. Any declaration to the contrary constitutes a criminal offense in the United States.
This announcement is not intended for distribution in any jurisdiction where such distribution would violate applicable law or regulation. The Offer is being made only through the official offer documents and only to such persons and in such jurisdictions as permitted under applicable law. No recommendation is made as to whether holders of securities should tender their securities in connection with the Offer. Holders of securities should consult their own financial, legal, and tax advisors before making any decision regarding the Offer.
1 "Nordic Capital Fund XI" refers to Nordic Capital Epsilon SCA, SICAV-RAIF (acting through its general partner Nordic Capital Epsilon GP SARL) for and on behalf of its compartment Nordic Capital Epsilon SCA, SICAV-RAIF - Compartment 2. "Nordic Capital" refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital's entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as "Nordic Capital Advisors".
2 Maria Montserrat Montaner Picart (the "Conflicted Director"), who is affiliated with Nordic Capital, has not taken part in the Board of Directors' deliberations and otherwise Bavarian Nordic's handling of the transactions contemplated by the announcement agreement and the Offer, including the negotiations leading to the entering into of the announcement agreement. Accordingly, any reference to Bavarian Nordic's Board of Directors in this announcement shall, unless otherwise so specifically stated, be understood to exclude the Conflicted Director.
3 Settlement may take longer than 15 business days if relevant dates - after any additional extension, if required - fall on public holidays in Denmark, the U.S., the U.K. or Luxembourg.
4 Payment to shareholders who do not have a Danish bank account may take longer.
