Valneva: the Grimaud family group crosses a new declining threshold

(Boursier.com) — The Grimaud family group declared that it had fallen below the threshold of 15% of the voting rights of Valneva SE, a company listed on Euronext Paris. After this crossing, the group holds 12,812,866 shares of Valneva SE, representing 24,149,608 voting rights, or 9.22% of the capital and 14.92% of the voting rights of the company. This threshold crossing results from transfers of shares Valneva SE on the market. The declaration was received on March 4, 2024, and the crossing took place the same day.

Remember that by letter previously received on January 11, 2024 by the AMF, and supplemented in particular by a letter received on January 12, this same Grimaud family group declared having crossed downward, on January 10, 2024, the threshold of 10% of the capital of the company Valneva SE and then hold 13,885,539 Valneva shares representing 27,222,281 voting rights, or 9.99% of the capital and 16.78% of the voting rights. The crossing resulted from the sale of 20,000 Valneva shares by Financière Grand Champ.

Valneva has lost more than a third of its value on the stock market since the start of the year. In November 2021, the title flirted with 30 euros in the middle of the Covid period. It has since been almost divided by ten. Last month, the vaccine specialist announced its turnover and cash flow for the 2023 financial year. Total turnover was 153.7 million euros in 2023 compared to 361.3 million euros in 2022. 2022 revenue included €280 million of revenue related to Covid-19 vaccine supply agreements.

The group’s cash position was 126.1 million euros as of December 31, 2023 compared to 289.4 million euros as of December 31, 2022. The cash position at the end of 2023 included the drawing of a total of $100 million under the of the loan signed with Deerfield & OrbiMed, as well as significant payments made to Pfizer in 2023 as part of the Phase 3 ‘VALOR’ study conducted by the two companies on Lyme disease. This cash flow, however, excluded the $103 million in proceeds from the sale of the PRV in January 2024. Remember that the group announced at the beginning of February the sale for $103 million (95 million euros) of the priority review voucher ( PRV) that she had obtained from the American health agency, the FDA. Valneva will use the proceeds from the sale of the PRV to finance its ‘R&D’ projects including the co-development of its Lyme disease vaccine currently in Phase 3, the launch of additional clinical trials for its IXCHIQ vaccine and the expansion of its portfolio of vaccines in clinical development.

Valneva will publish its consolidated financial statements for the 2023 financial year on March 20, 2024. Product sales are expected between 150 million and 180 million euros in 2024 subject to the availability of IXIARO and third-party products, as well as the sales performance of IXCHIQ during the year the vaccine was launched in the United States. 2024 sales are expected to reflect continued sales growth of the company’s existing products (IXIARO, DUKORAL), a decline in sales of third-party products linked to supply issues and the first sales of the IXCHIQ vaccine. Other revenues are expected at levels similar to 2023 and other operating income is expected between 95 million and 105 million euros, including the sale of PRV. The Company anticipates R&D expenditures of between €65 million and €90 million, primarily supported by investments in preclinical R&D programs and ongoing clinical development activities for the chikungunya vaccine.