Valneva Announces Upsized Financing Arrangement with Leading US Healthcare Funds Deerfield and OrbiMed
Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, today announced an agreement to increase the principal amount of its existing $60 million debt financing agreement with funds managed by leading US-based healthcare investment firms Deerfield Management Company and OrbiMed. This extension will provide Valneva immediate access to $20 million, with an additional $20 million available upon potential conditional approval of its inactivated COVID-19 vaccine candidate, VLA2001, by the European Medicines Agency. The increased funding will be used to further invest in R&D, including market access preparations for Valneva’s chikungunya vaccine candidate, VLA1553.
Peter Bühler, Chief Financial Officer of Valneva, commented, “We are extremely pleased to have access to additional non-dilutive funding from our existing financial partners. Extension of our loan provides additional flexibility to execute on our strategy and deliver shareholder value. We appreciate the continued support from Deerfield and OrbiMed as we pursue expansion of our global portfolio of marketed vaccines.”
The loan interest rate remains unchanged. The interest-only period has been extended to the third quarter of 2024, and the loan will now mature in the first quarter of 2027.
In January 2021, Valneva announced an amendment to the terms of this debt facility, which was originally signed in February 2020.
About Deerfield
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.
About OrbiMed
OrbiMed is a leading healthcare investment firm, with $15 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, utilizing a range of private equity funds, public equity funds, and royalty/credit funds. OrbiMed maintains offices in New York City, San Francisco, Shanghai, Hong Kong, Mumbai and Herzliya. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and global team resources and support to help build world-class healthcare companies.
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 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 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.
Media & Investor Contacts
Laëtitia Bachelot-Fontaine
VP Global Communications & European Investor Relations
M +33 (0)6 4516 7099
laetitia.bachelot-fontaine@valneva.com