Valneva Shares Jump 85% After Pfizer Investment
By Chris Wack
Valneva SE shares were up 85% to $25.31 after Pfizer Inc. said
it will invest $95 million in Valneva, representing an 8.1% share
in Valneva's share capital.
The companies also said they have entered into an equity
subscription agreement and updated the terms of their collaboration
and license agreement for the VLA15 Lyme disease vaccine
Valneva said it is planning to use the proceeds from Pfizer's
equity investment to support its Phase 3 development contribution
to the Lyme disease program.
Valneva will now fund 40% of the remaining shared development
costs compared with 30% in the initial agreement. Pfizer will pay
Valneva tiered royalties ranging from 14% to 22%, compared with
royalties starting at 19% in the initial agreement.
The royalties will be complemented by up to $100 million in
milestones payable to Valneva based on cumulative sales. Other
development and early commercialization milestones are unchanged,
of which $168 million remain, including a $25 million payment to
Valneva upon Pfizer's initiation of the Phase 3 study.
Pending successful initiation and completion of the planned
Phase 3 study for VLA15, Pfizer could potentially submit a
Biologics License Application to the U.S. Food and Drug
Administration as early as 2025.
Valneva shares hit their 52-week low of $13.71 Friday.
Write to Chris Wack at firstname.lastname@example.org
(END) Dow Jones Newswires
June 21, 2022 10:36 ET (14:36 GMT)
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