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Intercell and Vivalis Provide Update on the Progress Towards Intended Merger

Published: Wednesday, January 30, 2013
Last Updated: Wednesday, January 30, 2013
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Company’s general meetings have been convened and will take place on 27 February 2013 and 4 March 2013 respectively.

On 16 December 2012, Vivalis SA and Intercell AG have announced their intention to merge and form Valneva SE (“Valneva”).

The merger is progressing well, in line with the timeline communicated at time of announcement:
• The French merger document (Document E) has been registered by the Autorité des marchés financiers (AMF) on 23 January 2013
• The full set of applicable merger documents have been made available on Intercell and Vivalis websites
• Intercell and Vivalis General Meetings have been convened and will take place on 27 February 2013 and 4 March 2013 respectively
• Merger is expected to close in May 2013, after which Valneva intends to launch a EUR 40 million capital increase, subject to regulatory approval

Additionally, Vivalis and Intercell have finalized the proposed governance of Valneva, agreeing on the following initial Supervisory Board (Conseil de Surveillance) composition:
• Frédéric Grimaud (Chairman), Alain Munoz and Michel Gréco proposed by Vivalis
• Prof. Alexander von Gabain, James Sulat, and Prof. Hans Wigzell proposed by Intercell
• Anne-Marie Graffin proposed by the Fonds Stratégique d'Investissement (“FSI”), to be nominated upon closing of the planned capital increase

In addition to the listing of Valneva Ordinary Shares on NYSE Euronext Paris and on the Vienna Stock Exchange, Vivalis and Intercell have decided to also apply for the listing of the Preferred Shares on Euronext Paris, upon completion of the merger.

Thomas Lingelbach, future President and Chief Executive Officer of Valneva, and Franck Grimaud, future President and Chief Business Officer commented: "We are extremely pleased with the progress made on the merger and are moving according to our planned timeline. We expect the merger to close in May and are ready and very enthusiastic about the next phase."

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