Valneva, a commercial-stage French biotech developing vaccines for infectious diseases, announced terms for its IPO on Thursday.
The Saint-Herblain, France-based company plans to raise $100 million by offering 3.5 million ADS equivalents $28.24, the as-converted April 27 close of its shares on the Euronext Paris (VLA). At the proposed price, Valneva would command a fully diluted market value of $1.5 billion.
Valneva has successfully licensed and commercialized a portfolio of traveler vaccines, composed of IXIARO (also marketed as JESPECT in Australia and New Zealand) for the prevention of Japanese encephalitis in travelers and military personnel and DUKORAL for the prevention of cholera. Its clinical portfolio contains lead program VLA15, a vaccine targeting Borrelia (Lyme disease) under development in collaboration with Pfizer, which is currently in Phase 2 trials.
Valneva was founded in 1999 and booked $131 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol VALN. Goldman Sachs, Jefferies, Guggenheim Securities and Bryan, Garnier & Co are the joint bookrunners on the deal. It is expected to price during the week of May 3, 2021.
