VALN - Valneva Announces Extension of the Interest-Only Period of Its Debt Facility with Deerfield and OrbiMed | Benzinga
- Reimbursements deferred by 18 months to start in January 2026 instead of July 2024
Saint-Herblain (France), March 18, 2024 – Valneva SE (NASDAQ:VALN, PARIS:VLA), a specialty vaccine company, today announced an agreement with funds managed by leading U.S. healthcare investment firms Deerfield Management Company and OrbiMed to extend the interest-only period of its existing loan by eighteen months.
Reimbursements of the first $100 million tranche will now start in January 2026 instead of July 2024. Maturity of this first tranche will remain in the first quarter of 2027. The terms of the second $100 million tranche remain unchanged.
Peter Bühler, Chief Financial Officer of Valneva, said, "We greatly appreciate the continued support from Deerfield and OrbiMed. This extension further strengthens our cash position and contributes to our runway towards expected sustained profitability on the back of a successful commercial launch of the Lyme program.
The original loan agreement was signed in February 20201. Valneva announced amendments to the terms in January 20212 and upsizing in April 20223 and August 20234.
About Deerfield
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. The Firm works across the healthcare ecosystem to connect people, capital, ideas and technology in bold, collaborative and inclusive ways.
About OrbiMed
OrbiMed is a leading healthcare investment firm, with approximately $17 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, through private equity funds, public equity funds, and royalty/credit funds. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and global team resources to help build world-class healthcare companies. OrbiMed's team of over 100 professionals is based in New York City, London, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, and other key ...