The chickens in Savar poultry farm that had been initially suspected to be suffering from Ranikhet disease (a local disease for the poultry) had been tested positive for the very deadly Avian Flu. The reason for the alarm is that this particular virus can affect human as well (even though known cases are relatively small) and due to the absence of a vaccine researchers have feared the disease might become pandemic.

From bdnews24.com

Avian influenza has been detected in a poultry farm in Savar, the government said in a statement Thursday. The government rushed a meeting where health adviser ASM Matiur Rahman and livestock adviser CS Karim broke the news that results of laboratory tests showed the deadly virus of H5N1 in chickens in the farm.

Some Facts about Bird Flu:

Bird Flu or avian influenza is caused by influenza A virus. Wild birds are the natural host for all known subtypes of influenza A viruses, but not affected by the viruses. However, domestic poultries are far more susceptible to these viruses. Most cases of avian influenza infection in humans are thought to have resulted from direct contact with infected poultry or contaminated surfaces. The strain of influenza A virus that attacks a human is a modified version or subtype of influenza A that attacks the chicken.

A sub type of flu virus A can be created through direct transmission from sick birds to human body or by genetic re-assortment between human influenza virus A and bird influenza virus A.

Human-to-human transmission of this particular virus strain has NEVER been reported. However, because influenza A viruses have the potential to change and gain the ability to spread easily between people, monitoring for human infection and person-to-person transmission is important.

Should we be freaking out yet

We should be concerned, but not freak out. The H5N1 strain of bird flu had been detected in birds only, not humans in Bangladesh.
A global influenza pandemic (worldwide spread) may ONLY occur if three conditions are met:
• A new subtype of influenza A virus is introduced into the human population.
• The virus causes serious illness in humans.
• The virus can spread easily from person to person in a sustained manner.

Although the conditions haven’t occured yet, it is advisable to stay away from sick looking poultry unless confirmed that it has not been infected with any form of the flu virus.

From the Center for Disease Control (CDC):

Symptoms of Avian Influenza in Humans
The reported symptoms of avian influenza in humans have ranged from typical influenza-like symptoms (e.g., fever, cough, sore throat, and muscle aches) to eye infections (conjunctivitis), pneumonia, acute respiratory distress, viral pneumonia, and other severe and life-threatening complications.

Updates by WHO:

The World Health Organization (WHO) maintains situation updates and cumulative reports of human cases of avian influenza A (H5N1).