VALN - Pfizer to buy 8.1% stake in Valneva to support Lyme disease vaccine

Valneva (VALN) (OTCPK:INRLF) rose in the Paris stock exchange on Monday in reaction an agreement under which Pfizer (NYSE:PFE) will purchase 8.1% stake in the French vaccine maker to further support the partnership between the two companies for a vaccine against Lyme Disease. In 2020, Valneva (VALN) and Pfizer (PFE) teamed up for the development of a Lyme disease vaccine called VLA15 which is set to enter a late-stage trial in 3Q 2022. Per the terms of the equity subscription agreement, Pfizer (PFE) will invest $95M (€90.5M) representing 8.1% of Valneva’s (VALN) share capital at €9.49 apiece. Valneva (VALN) intends to use the proceeds to fund its contribution to Phase 3 development of the Lyme disease program. Additionally, Valneva (VALN) and Pfizer (PFE) have updated the terms of their partnership for VLA15. According to the revised collaboration, Valneva (VALN) has increased its share of development costs to 40% from 30%

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Pfizer to buy 8.1% stake in Valneva to support Lyme disease vaccine