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Completion of Merger Between Vivalis and Intercell to Form Valneva
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Completion of Merger Between Vivalis and Intercell to Form Valneva

Completion of Merger Between Vivalis and Intercell to Form Valneva
News

Completion of Merger Between Vivalis and Intercell to Form Valneva

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Valneva SE (Valneva) has announced the completion of the merger of equals between Vivalis and Intercell, creating a new European biotech company focusing on vaccines and antibodies, striving to become a leader in its field.

Valneva ordinary shares (ISIN FR0004056851) start trading on the regulated market of NYSE Euronext in Paris under the ticker symbol “VLA.PA” and on the Prime Market segment of the Vienna Stock Exchange under the ticker symbol “VLA”.

Valneva preferred shares (ISIN FR0011472943) will start trading on the regulated market of NYSE Euronext in Paris under ticker symbol “VLApr.PA” and on the unregulated Third Market Segment of the Vienna Stock Exchange under the ticker symbol “VLAP”.

Thomas Lingelbach, President and Chief Executive Officer and Franck Grimaud, President and Chief Business Officer of Valneva, commented: “Today is a major milestone for our new company. Valneva combines the strengths and capabilities of Vivalis and Intercell in antibody discovery and vaccine development and commercialization. We have a clear growth strategy to build a sustainable business by growing revenues through marketed products as well as through existing and future partnerships, and to invest into vaccines development and antibody discovery. We believe this value proposition will generate substantial rewards for our shareholders.”

Valneva operates across the whole biopharmaceutical value chain with innovative technology platforms, discovery and development capabilities, manufacturing and commercialization expertise.

Valneva generates revenue from diversified sources including its marketed product as well as current and new commercial partnerships.

Valneva has a broad portfolio of product candidates (in-house/partnered) including a pandemic Influenza vaccine in Phase III, a Pseudomonas vaccine in Phase II/III and a Tuberculosis vaccine in Phase II.

It has also a portfolio of technology platforms that are becoming widely adopted by the biopharmaceutical industry at large. These include the validated and commercialized technology platforms EB66® cell line for human and veterinary product development, VIVA|Screen™ antibody discovery platform and IC31® novel adjuvant.

Intended Rights Issue of an envisaged amount of EUR 40 million
As announced on December 16th 2012, Valneva plans to launch, subject to market conditions and to the approval from the French Autorité des marchés financiers on the Prospectus which will be prepared for this purpose, rights issue of an envisaged amount of EUR 40 million.

Valneva has received the following commitments with respect to the intended rights issue, and therefore already secured EUR 40 million:

• The FSI has undertaken to participate to the rights issue for a maximum amount of EUR 25 million (within the limit of 62.5% of the proceeds of the issue) on the basis of irrevocable entitlement (à titre irréductible) and on the basis of entitlement subject to reduction (à titre réductible);

• Groupe Grimaud and Unigrains (one of Groupe Grimaud’s long-term shareholders) have irrevocably undertaken to participate in aggregate to the rights issue for EUR 5 million and on the basis of entitlement subject to reduction (à titre réductible);

• Two banks have committed to underwrite EUR 10 million under market-standard terms and conditions.

Goldman Sachs International and Société Générale Corporate and Investment Banking are acting as advisors on the merger.

Credit Agricole Corporate and Investment Bank and Société Générale Corporate and Investment Banking are acting as Joint Lead Managers and Joint Bookrunners for the rights issue.

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