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.
The company has successfully commercialized two vaccines and is rapidly advancing a broad range of vaccine candidates, including for Lyme disease, the chikungunya virus and COVID-19.
After a successful track record of bringing vaccines to market and having extended its pipeline to larger market opportunities such as Lyme disease and COVID-19, the company has looked to a secondary listing on Nasdaq to tap the deep pool of US healthcare investors.
IPO proceeds will be mainly used to fund further development of the Lyme VLA15 vaccine candidate through completion of Phase 2 clinical trials, the chikungunya VLA1553 vaccine candidate through Biologics License Applications (BLA) approval, the COVID-19 VLA2001 vaccine candidate through conditional licensing, 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 has leveraged its expertise and capabilities both to successfully commercialize two vaccines and to rapidly advance a broad range of vaccine candidates into and through the clinic, including candidates against Lyme disease, the chikungunya virus and COVID-19.
Deal Team
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Bryan, Garnier & Co acts as Joint Bookrunner to Valneva on its USD 108 million Nasdaq Initial Public Offering
Following a five-day fully marketed book building process, Valneva raised USD 108 million in a global SEC-registered equity offering targeting institutional investors across the US and Europe.
The book was multiple times over-subscribed, primarily by high quality US and European biotech specialists and European growth long-only investors as well as the support of Bpifrance, with the top 10 allocations taking over 80% of the deal.
The transaction was priced at EUR 11 a share (mid-point of the EUR 10 – EUR 12 range), representing a discount of 7% vs. closing price pre-IPO launch (April 28, 2021).
This is Bryan, Garnier & Co’s sixth European biotech capital raise in 2021 and marks another landmark transaction which demonstrates the firm’s unique ability to execute US Nasdaq listings for European companies and deliver incremental high quality European demand.
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