Valneva Announces Extension of the Interest-Only Period of Its Debt Facility with Deerfield and OrbiMed
18 Marzo 2024 - 7:00AM
UK Regulatory
Valneva Announces Extension of the Interest-Only Period of Its Debt
Facility with Deerfield and OrbiMed
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Reimbursements deferred by 18 months to start in January 2026
instead of July 2024
Saint-Herblain (France), March 18,
2024 – Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a
specialty vaccine company, today announced an agreement with funds
managed by leading U.S. healthcare investment firms Deerfield
Management Company and OrbiMed to extend the interest-only period
of its existing loan by eighteen months.
Reimbursements of the first $100 million tranche
will now start in January 2026 instead of July 2024. Maturity of
this first tranche will remain in the first quarter of 2027. The
terms of the second $100 million tranche remain unchanged.
Peter Bühler, Chief Financial Officer of
Valneva, said, “We greatly appreciate the continued
support from Deerfield and OrbiMed. This extension further
strengthens our cash position and contributes to our runway towards
expected sustained profitability on the back of a successful
commercial launch of the Lyme program.
The original loan agreement was signed in
February 20201. Valneva announced amendments to the
terms in January 20212 and upsizing in April
20223 and August 20234.
About Deerfield
Deerfield is an investment management firm committed to advancing
healthcare through investment, information and philanthropy. The
Firm works across the healthcare ecosystem to connect people,
capital, ideas and technology in bold, collaborative and inclusive
ways.
About OrbiMed
OrbiMed is a leading healthcare investment firm, with approximately
$17 billion in assets under management. OrbiMed invests globally
across the healthcare industry, from start-ups to large
multinational corporations, through private equity funds, public
equity funds, and royalty/credit funds. OrbiMed seeks to be a
capital provider of choice, providing tailored financing solutions
and global team resources to help build world-class healthcare
companies. OrbiMed’s team of over 100 professionals is based in New
York City, London, San Francisco, Shanghai, Hong Kong, Mumbai,
Herzliya, and other key global markets.
About Valneva SE
We are a specialty vaccine company that develops, manufactures, and
commercializes prophylactic vaccines for infectious diseases
addressing unmet medical needs. We take a highly specialized and
targeted approach, applying our deep expertise across multiple
vaccine modalities, focused on providing either first-, best- or
only-in-class vaccine solutions.
We have a strong track record, having advanced
multiple vaccines from early R&D to approvals, and currently
market three proprietary travel vaccines, including the world’s
first and only chikungunya vaccine, as well as certain third-party
vaccines.
Revenues from our growing commercial business
help fuel the continued advancement of our vaccine pipeline. This
includes the only Lyme disease vaccine candidate in advanced
clinical development, which is partnered with Pfizer, as well as
vaccine candidates against the Zika virus and other global public
health threats.
Valneva
Investor and Media Contacts
Laetitia Bachelot-Fontaine
VP Global Communications & European Investor Relations
M +33 (0)6 4516 7099
laetitia.bachelot-fontaine@valneva.com |
Joshua Drumm, Ph.D.
VP Global Investor Relations
M +001 917 815 4520
joshua.drumm@valneva.com |
Forward-Looking Statements
This press release contains certain forward-looking statements
relating to the business of Valneva, including with respect to
expected cash position, including as a result of other potential
business developments, including results of ongoing clinical
trials, the timing and possible occurrence of further or initial
regulatory approvals of its product candidates, the anticipated
size of markets for its approved products and sales of those
products, receipt of funding from external sources, supply of
products sold by Valneva, and relationships with current business
partners. In addition, even if the actual results or development of
Valneva are consistent with the forward-looking statements
contained in this press release, those results or developments of
Valneva may not be indicative of future results. In some cases, you
can identify forward-looking statements by words such as "could,"
"should," "may," "expects," "anticipates," "believes," "intends,"
"estimates," "aims," "targets," or similar words. These
forward-looking statements are based on the current expectations of
Valneva as of the date of this press release and are subject to a
number of known and unknown risks and uncertainties and other
factors that may cause actual results, performance or achievements
to be materially different from any future results, performance or
achievement expressed or implied by these forward-looking
statements. These risks and uncertainties include those developed
or identified in any public documents filed with the French
financial markets authority (Autorité des marchés
financiers) and the U.S. Securities and Exchange Commission
made or to be made by Valneva. In particular, the expectations of
Valneva could be affected by, among other things, uncertainties
involved in the development and manufacture of vaccines (including
in relation to organic or strategic expansion of Valneva’s clinical
pipeline), unexpected clinical trial results, unexpected regulatory
actions or delays, competition in general, currency fluctuations,
the impact of the global and European credit crisis and other
global economic or political events, the ability to obtain or
maintain patent or other proprietary intellectual property
protection, the cancellation of existing contracts, the impact of a
pandemic, and changes in the regulatory environment in which
Valneva operates. The occurrence of any of these risks and
uncertainties could substantially harm Valneva’s business,
financial condition, prospects and results of operations. In light
of these risks and uncertainties, there can be no assurance that
the forward-looking statements made during this presentation will
in fact be realized. Valneva is providing the information in this
press release as of the date hereof and disclaims any intention or
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
1 Valneva Announces New $85 Million Financing
Arrangement with Leading US Healthcare Funds Deerfield and
OrbiMed
2 Valneva Announces Amendment to Deerfield and OrbiMed
Debt Facility Terms
3 Valneva Announces Upsized Financing Arrangement with
Leading US Healthcare Funds Deerfield and OrbiMed
4 Valneva Provides Updated 2023 Financial Guidance -
Valneva
- 2024_03_18_VLA_D&O_PR_EN_Final
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