Core Viewpoint - Bavarian Nordic A/S has announced a one-time share buy-back program of up to DKK 500 million to be executed over the next 12 months, reflecting a strong cash position and positive cash flow from operations [1][2]. Financial Position - As of September 30, 2025, Bavarian Nordic reported securities, cash, and cash equivalents totaling DKK 2,978 million, with approximately DKK 800 million earmarked for deferred payments to GSK and related royalties and taxes [2]. - The company believes that the cash balance after the buy-back program will be sufficient to maintain operational flexibility in an uncertain environment [2]. Share Buy-back Program Details - The shares bought back will be held as treasury stock to adjust the company's capital structure [3]. - The program will be executed in accordance with the authorization from the general meeting of shareholders and will comply with safe harbour regulations [3]. - Further details regarding the key terms of the program will be provided following the Board of Directors' final decision to launch the program [3]. Treasury Shares - Currently, Bavarian Nordic holds 966,845 shares as treasury shares, which represents 1.22% of the company's share capital [4]. - A portion of these treasury shares will be utilized to meet the company's obligations related to long-term share-based incentive programs for the Board of Directors and Executive Management [4]. Company Overview - Bavarian Nordic is a global vaccine company focused on improving health and saving lives through innovative vaccines, including mpox and smallpox vaccines, and has a strong portfolio of travel vaccines [5].

Core Points - Bavarian Nordic A/S is hosting a shareholder meeting on December 11, 2025, to discuss the state of business and recap the company's strategy [1] - The meeting will take place at Tivoli Hotel & Congress Center in Copenhagen from 09:00 am to 10:30 am CET and will be conducted in English [1] - Shareholders must register in advance via the company's shareholder portal by December 9, 2025, due to limited seating [2] - Admission cards will be sent via email upon registration and must be presented at the meeting [3] - A recording of the meeting will be available on the company's website after the event [3] - Shareholders unable to attend can submit questions via email to be addressed during the meeting [3] Company Overview - Bavarian Nordic is a global vaccine company focused on improving health and saving lives through innovative vaccines [4] - The company is a preferred supplier of mpox and smallpox vaccines to governments, enhancing public health preparedness [4] - Bavarian Nordic also has a leading portfolio of travel vaccines [4]

Core Points - Bavarian Nordic A/S announced the immediate resignation of Chair of the Board, Luc Debruyne, with Vice Chair Anne Louise Eberhard appointed as the new Chair [1][2] - Luc Debruyne expressed gratitude for the company's achievements during his tenure and emphasized the need for the board to focus on the next phase of development [2] - Anne Louise Eberhard acknowledged Debruyne's contributions and highlighted the importance of stability and continuity in governance as the company continues its growth trajectory [3] Company Overview - Bavarian Nordic is a global vaccine company dedicated to improving health and saving lives through innovative vaccines, including mpox and smallpox vaccines [4]

Core Points - The voluntary takeover offer by Innosera ApS for Bavarian Nordic has been withdrawn due to insufficient acceptance rates, with only 60% of shareholders accepting the offer, falling short of the required 66.67% [2][3][4] - Bavarian Nordic will continue as an independent company, maintaining its current growth strategy and inviting shareholders to an information meeting to discuss business status and future plans [4][5] Company Overview - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, including being a preferred supplier of mpox and smallpox vaccines [7]

Core Insights - Bavarian Nordic A/S has received notification from Morgan Stanley regarding their shareholding, which stands at 5.20% of the shares and voting rights as of October 23, 2025 [1] Company Overview - Bavarian Nordic is a global vaccine company focused on improving health and saving lives through innovative vaccines [2] - The company is a preferred supplier of mpox and smallpox vaccines to governments, enhancing public health preparedness [2] - Bavarian Nordic also has a leading portfolio of travel vaccines [2]

Core Viewpoint - Innosera ApS has published a third supplement to its offer document, lowering the minimum acceptance condition for its takeover bid of Bavarian Nordic A/S from 75% to 66 2/3% of the voting rights and share capital [2][4]. Offer Details - The offer period has been extended, with the expiry time changed from 5:00 p.m. (CET) to 11:59 p.m. (CET) on November 5, 2025 [3]. - All other terms and conditions of the offer remain unchanged as per the previous supplements [4]. Shareholder Response - Institutional shareholders representing approximately 5.3% of Bavarian Nordic's share capital have committed to accept the improved offer during the extended period [5]. - As of October 21, 2025, the Offeror has received acceptances and binding commitments indicating a preliminary acceptance level of approximately 36.1% [5]. Regulatory Approval - The third supplement has been approved by the Danish Financial Supervisory Authority [6].

Core Viewpoint - Bavarian Nordic's Board of Directors maintains its recommendation for shareholders to accept the takeover offer from Innosera ApS, citing the offer as fair and attractive based on the company's fundamental value and historical share price levels [2][3]. Offer Details - The takeover offer is for all issued and outstanding shares of Bavarian Nordic, excluding treasury shares, made by Innosera ApS, which is controlled by Nordic Capital Fund XI and Permira Beteiligungsberatung GmbH [1]. - The offer period has been extended, and the offer price has been increased, prompting the Board to reiterate its recommendation [2][3]. Company Background - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, including mpox and smallpox vaccines, and has a strong portfolio of travel vaccines [7].

Core Viewpoint - Innosera ApS has increased its cash offer for Bavarian Nordic A/S to DKK 250 per share and extended the offer period until November 5, 2025, allowing shareholders more time to consider the offer [3][4][10]. Offer Details - The initial offer price was raised from DKK 233 to DKK 250 per share, which is stated to be the best and final offer price [3][5]. - The offer period has been extended by three weeks, now set to expire on November 5, 2025, at 5:00 p.m. (CET) [2][10]. Shareholder Response - Institutional shareholders representing approximately 5.3% of Bavarian Nordic's share capital have committed to accept the improved offer during the extended period [4]. - As of the latest update, approximately 25.7% of Bavarian Nordic's share capital has accepted the offer, indicating that the minimum acceptance condition has not yet been met [7]. Regulatory and Approval Status - The Offeror has obtained all necessary regulatory approvals for the completion of the offer, with the expectation that proceeds may be paid to shareholders by early December 2025, subject to conditions being met [6][10]. Important Dates - The updated timetable includes key dates such as the announcement of the preliminary result on November 6, 2025, and the expected settlement date for the offer price on December 3, 2025 [10][11].

Core Viewpoint - Innosera ApS, controlled by Nordic Capital Fund XI and Permira, has made a public takeover offer for Bavarian Nordic A/S, with the offer period expiring on 14 October 2025 at 11:59 p.m. (CEST) [1][2]. Group 1: Offer Details - The takeover offer is an all-cash voluntary board-recommended public offer to acquire all issued and outstanding shares of Bavarian Nordic, excluding treasury shares [1]. - The Offeror has received all necessary regulatory approvals, but the completion of the offer is contingent upon meeting a minimum acceptance condition of 75% of shares [2]. - Shareholders must submit their acceptance through their custodian bank or account holding institution before the offer period expires [3]. Group 2: Shareholder Guidance - Shareholders are encouraged to read the Offer Document and the Board Statement in full before deciding whether to accept the offer [4]. - Acceptance can be made online via the custodian bank's web banking solution or by using the acceptance form provided in the Offer Document [3]. Group 3: Company Background - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, including mpox and smallpox vaccines [6].

Core Viewpoint - Innosera ApS has received all necessary regulatory approvals from the European Commission for its all-cash voluntary recommended public takeover offer for Bavarian Nordic A/S, with the offer period set to expire on 14 October 2025 [1][27]. Group 1: Offer Details - The offer is contingent upon the minimum acceptance condition of 75% of the shares in Bavarian Nordic, excluding treasury shares [2]. - If the remaining conditions are satisfied by the expiration date, the completion of the offer is expected to occur in mid-November 2025 [4]. - Bavarian Nordic shareholders are encouraged to accept the offer before the expiration date [3]. Group 2: Company Background - Bavarian Nordic is a global vaccine company focused on improving health through innovative vaccines, including mpox and smallpox vaccines [8].