Pfizer agrees to invest more than $95M to buy stake in French vaccines company Valneva – By Landon Mion (FOX News) / June 20, 2022
Pfizer will pay Valneva tiered royalties ranging from 14% to 22%
Pfizer has agreed to invest 90.5 million Euros, or $95.24 million, to buy an 8.1% stake in French vaccine company Valneva as the two companies revealed advancements in their partnership to stop Lyme disease.
The stake in Valneva, which is also working on a coronavirus vaccine, will be purchased for 9.49 Euros, or $9.99, per share, through a reserved capital increase.
The per-share purchase price was reached based on the average closing price of the “Company’s Shares on Euronext Paris during the 10 trading days preceding the date of the Equity Subscription Agreement,” the companies said in press release. Shares in Valneva increased by 14.5% in early session trading to 9.09 euros.
Valneva is expected to use the proceeds from Pfizer’s $95 million investment to support its Phase 3 development contribution to the Lyme disease program.
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