Mon Jun 20 2022
Austin Collins (387 articles)

Pfizer to buy 8.1 percent stake in French vaccines company Valneva

Pfizer to buy 8.1 percent stake in French vaccines company Valneva

U.S. healthcare giant Pfizer (PFE.N) has agreed to invest 90.5 million euros ($95.24 million) to buy an 8.1% percent stake in French vaccines company (VLS.PA), as the companies announced developments in their partnership to tackle the Lyme disease.

Pfizer will buy the stake in Valneva, which is also working on its COVID-19 vaccine, at a price of 9.49 euros per share, via a reserved capital increase.

U.S. healthcare giant Pfizer (PFE.N) has agreed to invest 90.5 million euros ($95.24 million) to buy an 8.1% percent stake in French vaccines company (VLS.PA), as the companies announced developments in their partnership to tackle the Lyme disease.

Pfizer will buy the stake in Valneva, which is also working on its COVID-19 vaccine, at a price of 9.49 euros per share, via a reserved capital increase.

As previously announced on April 26, 2022, Pfizer plans to initiate the Phase 3 study of VLA15 in the third quarter of 2022, they added.

Under the revised deal, Valneva will now fund 40% of the remaining shared development costs compared to 30% before.

Pfizer will pay Valneva tiered royalties ranging from 14% to 22%. In addition, the royalties will be complemented by up to $100 million in milestones payable to Valneva based on cumulative sales, added the companies.

Tags Pfizer
Austin Collins

Austin Collins

Austin Collins is our Europe, Asia, & Middle East Correspondent. He covers news related to Stock Market. In past he has worked for many prestigious news & media organizations. He is based in Dubai