Valneva, a commercial-stage French biotech developing vaccines for infectious diseases, raised $94 million by offering 3.5 million ADS equivalents at $26.41, within the range of $24.04 to $28.85. The company originally planned to offer the securities at the as-converted last close of its shares on the Euronext Paris (VLA; $30.35 on 5/5) before setting a price range on Wednesday. At pricing, Valneva commands a fully diluted market value of $1.4 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 plans to list on the Nasdaq under the symbol VALN. Goldman Sachs, Jefferies, Guggenheim Securities and Bryan, Garnier & Co acted as lead managers on the deal.
