Pfizer buys 8.1% of the capital of the French vaccine company Valneva

  • Buy 8.1% of Valneva at a price of 9.49 euros/share
  • Companies are partnering to fight Lyme disease
  • Valneva shares soar

PARIS, June 20 (Reuters) – U.S. healthcare giant Pfizer (PFE.N) has agreed to invest 90.5 million euros ($95.24 million) to buy an 8.1% stake in the French vaccine company (VLS.PA), as the companies announced developments in their partnership to fight Lyme disease.

Pfizer will buy the stake from Valneva, which is also working on its COVID-19 vaccine, at a price of 9.49 euros per share, via a reserved capital increase.

Valneva shares rose sharply, jumping 14.5% in early trading to 9.09 euros.

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Valneva will use the proceeds from Pfizer’s equity investment to support its contribution to the Phase 3 development of the Lyme disease program.

Valneva and Pfizer have also updated the terms of their collaboration and license agreement that they announced on April 30, 2020 for Lyme disease vaccine candidate VLA15.

“Pfizer’s investment in Valneva underscores the quality of the work we have done together over the past two years and is a strong recognition of Valneva’s vaccine expertise,” said Valneva Chief Executive Officer Thomas Lingelbach.

As previously announced on April 26, 2022, Pfizer plans to initiate the Phase 3 study of VLA15 in the third quarter of 2022, they added.

Under the revised agreement, Valneva will now fund 40% of the remaining shared development costs, up from 30% previously.

Pfizer will pay Valneva tiered royalties ranging from 14% to 22%. In addition, the royalties will be supplemented by up to $100 million in milestones payable to Valneva based on cumulative sales, the companies added.

($1 = 0.9502 euros)

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Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta

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