Valneva Announces an Indicative Price Range of its previously announced Proposed Global Offering
Valneva SE (the “Company”), a specialty vaccine company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical need, in the context of its global offering to specified categories of investors comprised of (i) an initial public offering of American Depositary Shares (“ADSs”), each representing two ordinary shares, in the United States (the “U.S. Offering”) and (ii) a concurrent private placement of ordinary shares in certain jurisdictions outside of the United States (the “European Private Placement” and, together with the U.S. Offering, the “Global Offering”) announced on April 29, 2021, today announced that the offering price per ADSs in USD and the corresponding offering price per ordinary share is expected to range between EUR 10 and EUR 12 per ordinary share, corresponding to between USD 24.04 and USD 28.85 per ADS (assuming an exchange rate of €1.00 = $1.2021, the exchange rate on May 4, 2021, as reported by the European Central Bank) and shall be at least equal to the volume weighted average price of the Company’s ordinary shares on Euronext in Paris over a period, approved by the Company’s Management Board, of between three (3) and ninety (90) consecutive trading days preceding the determination of the offering price, reduced by a maximum discount of 15%.
Goldman Sachs, Jefferies, Guggenheim Securities and Bryan, Garnier & Co. are acting as joint bookrunners for the Global Offering. Namsen Capital is acting as Valneva’s capital markets advisor.
The securities referred to in this press release will be offered in the United States only by means of a prospectus (as part of a registration statement on Form F-1, which has been filed with the Securities and Exchange Commission but has not yet become effective). These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. Copies of the preliminary prospectus relating to and describing the terms of the Global Offering may be obtained from: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526, facsimile: 212-902-9316, e-mail: firstname.lastname@example.org or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at +1 877 821 7388 or by email at Prospectus_Department@Jefferies.com.
Further information about the proposed Global Offering remains unchanged as set out in the press release published by the Company on April 29, 2021.
About Valneva SE
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.
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