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.



Copyright (c) 2022 CercleFinance.com. All rights reserved.