Valneva: modifies the financing agreement concluded with the Deerfield and OrbiMed funds











Photo credit © Valneva


(Boursier.com) — In trading, the share Valneva fell -0.8% to 12.84 euros. The Nantes-based company has announced positive Phase 2 pediatric data with Pfizer for their vaccine candidate against Lyme disease.

At the same time, Valneva also announced an agreement to increase the principal amount of its existing $60 million financing agreement with US healthcare specialist funds Deerfield Management Company and OrbiMed.

This increase will give Valneva immediate access to $20m, with an additional $20m available if the European Medicines Agency (EMA) issues a conditional marketing authorization for Valneva’s inactivated vaccine candidate against COVID-19 , VLA2001. This additional funding will be invested in R&D and in preparation for the potential commercial launch of Valneva’s chikungunya vaccine candidate, VLA1553.

“We are very pleased to have access to additional, non-dilutive financing from our current financial partners. The increase in this loan provides additional flexibility to execute our strategy and deliver shareholder value. We appreciate the continued support of Deerfield and OrbiMed as we continue to expand our global portfolio of marketed vaccines,” commented Peter Bühler, Chief Financial Officer of Valneva.

The loan interest rate remains unchanged. The period during which payments are limited to interest has been extended until the 3rd quarter of 2024, and the loan will mature in the 1st quarter of 2027.

In January 2021, Valneva had already announced an amendment to the terms of the financing agreement signed in February 2020.


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