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Pfizer: agreement with Valneva for Lyme disease

(CercleFinance.com) - Valneva and Pfizer have entered into a share subscription agreement and updated the terms of their collaboration and licensing agreement for the Lyme disease vaccine candidate, VLA15.


Pfizer will invest 90.5 million euros ($95 million), or 8.1% of Valneva's share capital at a price of 9.49 euros per share, through a capital increase.

Valneva plans to use the proceeds of this investment to fund part of its contribution to the Phase 3 Lyme program.

Valneva will now fund 40% of the costs of Phase 3, compared to 30% in the original agreement. Pfizer will pay Valneva escalating royalties ranging from 14% to 22%, compared to royalties starting at 19% in the original agreement.

In addition, royalties will be supplemented by milestone payments of up to 100 million dollars, payable to Valneva based on cumulative sales.



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