VALN - Valneva prices 4.5M ADS global offering and ordinary shares

Valneva (NASDAQ:VALN) trades 8.6% down premarket on pricing 4.5M ordinary shares in a global offering to specified categories of investors consisting of a public offering of 16,560 ADSs each representing two ordinary shares in U.S. and a concurrent private placement of 4.47M shares in certain jurisdictions outside of the U.S. Underwriters granted 30-day option to purchase 337,500 additional ADSs, each representing two ordinary shares. Gross proceeds are expected to be ~$88.7M equivalent to ~€76.5M; net proceeds will be ~$80.7M. The offering price was set at €17/share and at $39.42/share; offering price per ADS. The closing and delivery of the U.S. Offering and the European Private Placement are based on each other and will occur simultaneously, on or about Nov.2. Out of net proceeds: ~$50M to fund further development of its Lyme VLA15 vaccine candidate through completion of Phase 2 clinical trials including handover to Pfizer; ~$60M to complete development of its chikungunya VLA1553 vaccine candidate through BLA approval; ~$100M to fund further development

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Valneva prices 4.5M ADS global offering and ordinary shares