VALN - Valneva upsizes stock offering to raise ~Euro102.9M to fund Lyme/chikungunya vaccines

Valneva ( NASDAQ: VALN ) ( OTCPK:INRLF ) upsized an offering to raise ~€102.9M (~$99.9M) from the previously expected $40M due to excess demand.

The French vaccine maker is pricing of 21M ordinary shares in a global offering to certain investors consisting of a public offering of 375K American Depositary Shares (ADSs), each representing two ordinary shares, in the U.S., and a concurrent private placement of 20.25M ordinary shares in certain jurisdictions outside the U.S. (the European Private Placement) — together with the U.S. offering, the global offering.

Valneva priced the offering at €4.90 per ordinary share, corresponding to $9.51 per ADS, the company said in a Sept. 30 press release.

Valneva added that Deep Track Capital, a new shareholder of the company, agreed to buy a ~50.06% of the total number of ordinary shares (including those sold as ADSs) to be sold in the global offering.

Meanwhile, Bpifrance Participations, an existing shareholder, agreed to buy ~4.86% of the total shares sold.

Bpifrance Participations and Deep Track will hold about 6.97% and 7.60%, respectively, stake in the company.

The company expects the net proceeds of ~$93.1M (€96M).

Valneva expects to use ~50% of net proceeds to fund the co-development and marketing of its Lyme disease vaccine VLA15; ~40% for its chikungunya virus vaccine VLA1553; ~5% to fund development of two of preclinical vaccine candidates VLA1554 and VLA2112; and the remaining ~5% for working capital and for general corporate purposes.

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