Context
Valneva is a French specialty vaccine company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical need.
The company has been listed on Euronext Paris since 2007 and on Nasdaq since 2021. The Company has leveraged its expertise and capabilities both to successfully commercialize three vaccines and to rapidly advance a broad range of vaccine candidates into and through the clinic, including candidates against Lyme disease and the chikungunya virus.
Proceeds will be mainly used to fund the development of the Lyme vaccine candidate through completion of Phase 3 initiated in August 2022, the chikungunya vaccine candidate through BLA approval by the end of 2022, and for working capital and general corporate purposes.
About Valneva
Valneva is a specialty vaccine company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical need. The Company takes a highly specialized and targeted approach to vaccine development and then applies its deep understanding of vaccine science to develop prophylactic vaccines addressing these diseases. Valneva has leveraged its expertise and capabilities both to successfully commercialize three vaccines and to rapidly advance a broad range of vaccine candidates into and through the clinic, including candidates against Lyme disease and the chikungunya virus.
Deal Team
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Bryan, Garnier & Co acts as Joint Bookrunner on Valneva’s Nasdaq and Euronext Paris EUR 102.9 million Follow-on Offering
Bryan, Garnier & Co acted as Joint Bookrunner alongside Goldman Sachs, Jefferies and Guggenheim, in both the US and European markets.
Valneva undertook a 1-day fully marketed book building process, raising EUR 102.9 million in a global SEC-registered Follow-on offering targeting institutional investors across the US and Europe.
Despite challenging market conditions, the offering was upsized from an announced amount of EUR 40 million, as a result of excess demand notably driven by a large Tier-1 US specialist Deep Track Capital and US and European biotech specialists.
The transaction was priced at EUR 4.90 per ordinary share and at USD 9.51 per ADS, representing a discount of 3.9% vs. the last close
This is Bryan, Garnier & Co’s third consecutive capital increase with Valneva over the past eighteen months (all above USD 100m), further demonstrating Bryan, Garnier & Co’s ability to execute US Nasdaq and Euronext Paris offerings for European companies and deliver high quality US and European demand.
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