Healthcare

Bryan, Garnier & Co acts as Joint Global Coordinator & Joint Bookrunner on Valneva’s EUR 61.2m Follow-On Offering

Valneva SE is a specialty vaccine company that develops, manufactures, and commercialises prophylactic vaccines for infectious diseases addressing unmet medical needs. Valneva takes a highly specialised and targeted approach, focused on providing either first-, best- or only-in-class vaccine solutions.

Valneva currently markets three proprietary travel vaccines: IXIARO®/JESPECT® (Japanese Encephalitis), DUKORAL® (Cholera), and IXCHIQ® (Chikungunya) recently launched in the US, with first sales in Canada and Europe anticipated in the fourth quarter of 2024. 

Valneva’s next promising asset is VLA15, a Lyme disease vaccine partnered with Pfizer. VLA15 is the only Lyme disease program in late-stage clinical development today and has received Fast Track designation from the FDA. In July 2024, Valneva and Pfizer announced completion of primary vaccinations (three doses) of over 9,000 participants in the Phase 3 trial VALOR. The trial is expected to be completed by the end of 2025, with Pfizer aiming to submit a BLA to the FDA and an MAA to the EMA in 2026. 

Additionally, Valneva recently entered into a strategic partnership and exclusive licensing agreement with LimmaTech Biologics AG for the development, manufacturing and commercialisation of Shigella4V (S4V), a tetravalent bioconjugate vaccine candidate against shigellosis.

Bryan, Garnier & Co acted as Joint Global Coordinator and Joint Bookrunner on a EUR 61.2m Follow-On Offering for Valneva.

The transaction was triggered by US biotech specialists’ reversed marks of interest, and subsequently anchored following a wall-cross exercise. Additional demand stemmed from the US, the UK and EU investors, with strong support from existing shareholders. 

The transaction was priced at EUR 2.66 per ordinary share.

The net proceeds from the private placement will be used primarily to fund the continuing development of Valneva’s clinical programs, notably the Phase 3 paediatric and Phase 4 programs for the Chikungunya vaccine, as well as the Phase 2 programs for the Shigella and Zika vaccines. A portion of the net proceeds will also be used for the further commercialisation of Valneva’s existing Chikungunya vaccine, IXCHIQ®, to fund the acceleration of pre-clinical R&D activities, and for general corporate purposes. 

This is Bryan, Garnier & Co’s fourth consecutive capital raise for Valneva, after serving as Joint Bookrunner on the company’s NASDAQ IPO in 2021 and subsequent Follow-Ons in 2021 and 2022. In total, Bryan, Garnier & Co has assisted Valneva in raising over USD 375m in equity capital over the last 3 years. 

Following on from Camurus, Calliditas Therapeutics, Boiron, Egetis Therapeutics, Cinclus Pharma, Onward Medical, Medincell, Abivax and numerous other landmark transactions in the healthcare sector, this new deal marks another milestone for Bryan, Garnier & Co’s expertise.

Valneva SE is a specialty vaccine company that develops, manufactures, and commercializes prophylactic vaccines for infectious diseases addressing unmet medical needs. Valneva takes a highly specialized and targeted approach, focused on providing either first-, best- or only-in-class vaccine solutions. 

Valneva currently markets three proprietary travel vaccines, including the world’s first and only Chikungunya vaccine, as well as certain third-party vaccines. 

Revenues from the commercial business help fuel the continued advancement of its pipeline. This includes the only Lyme disease vaccine candidate in advanced clinical development, which is partnered with Pfizer, the world’s most clinically advanced Shigella vaccine candidate, as well as vaccine candidates against the Zika virus and other global public health threats. 

Valneva has operations in Austria, Sweden, the United Kingdom, France, Canada and the U.S. with approximately 700 employees.