Valneva Announces Amendment to Deerfield and OrbiMed Debt Facility Terms
15 Gennaio 2021 - 5:45PM
Saint-Herblain (France), January 15, 2021 –
Valneva SE (“Valneva” or “the Company”), a specialty vaccine
company focused on prevention against diseases with major unmet
needs, today announced an amendment to the terms of its existing
debt facility with US-based healthcare investment firms Deerfield
Management Company and OrbiMed.
Noting the COVID-19 pandemic impact on the
travel industry, and following a temporary waiver of the revenue
covenant for the second half of 2020, Valneva, Deerfield and
OrbiMed have agreed to modify this covenant for 2021 and 2022,
replacing the twelve month rolling €115 million with quarterly
minimum revenues representing an annual total of €64 million in
2021 and an annual total of €103.75 million in 2022. The parties
have also agreed to modify the minimum cash requirement to €50
million for 2021 and 2023 and to €35 million for the following
years.
In February 2020, Valneva announced a broad debt
financing arrangement with funds managed by Deerfield Management
Company and OrbiMed1. The transaction included an initial $60
million fixed rate debt and flexible terms to draw down an
additional $25 million in the next twelve months. To date, Valneva
has drawn down $60 million from this $85 million financing
arrangement.
At the beginning of January 2021, Valneva
reported preliminary and unaudited cash and cash equivalents of
€204.4 million at the end of December 20202, exceeding its guidance
of between €180 million and €200 million3.
About Deerfield
Deerfield is an investment management firm
committed to advancing healthcare through investment, information
and philanthropy.
About OrbiMed
OrbiMed is a leading healthcare investment firm,
with $13 billion in assets under management. OrbiMed invests
globally across the healthcare industry, from start-ups to large
multinational corporations, utilizing a range of private equity
funds, public equity funds, and royalty/credit funds. OrbiMed
maintains offices in New York City, San Francisco, Shanghai, Hong
Kong, Mumbai and Herzliya. OrbiMed seeks to be a capital provider
of choice, providing tailored financing solutions and global team
resources and support to help build world-class healthcare
companies.
About Valneva SE
Valneva is a specialty vaccine company focused
on prevention of infectious diseases with significant unmet medical
need. The Company has several vaccines in development including
unique vaccines against Lyme disease, COVID-19 and chikungunya.
Valneva’s portfolio includes two commercial vaccines for travelers:
IXIARO®/JESPECT® indicated for the prevention of Japanese
encephalitis and DUKORAL® indicated for the prevention of cholera
and, in some countries, prevention of diarrhea caused by ETEC.
Valneva has operations in Austria, Sweden, the United Kingdom,
France, Canada and the U.S. with over 500 employees.
Valneva
Investor and Media ContactsLaetitia
Bachelot-FontaineGlobal Head of Investor Relations & Corporate
CommunicationsM +33 (0)6 4516
7099investors@valneva.com |
Teresa
PinzolitsCorporate Communications SpecialistT +43 (0)1 20620
1116communications@valneva.com |
Forward-Looking Statements
This press release contains certain
forward-looking statements relating to the business of Valneva,
including with respect to the progress, timing and completion of
research, development and clinical trials for product candidates,
the ability to manufacture, market, commercialize and achieve
market acceptance for product candidates, the ability to protect
intellectual property and operate the business without infringing
on the intellectual property rights of others, estimates for future
performance and estimates regarding anticipated operating losses,
future revenues, capital requirements and needs for additional
financing. 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 their in the future. 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 largely 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. In particular, the expectations
of Valneva could be affected by, among other things, uncertainties
involved in the development and manufacture of vaccines, unexpected
clinical trial results, unexpected regulatory actions or delays,
competition in general, currency fluctuations, the impact of the
global and European credit crisis, and the ability to obtain or
maintain patent or other proprietary intellectual property
protection. 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 these materials as of this press release, and
disclaim 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 Reports FY 2020 Cash of Over €200 Million
[3] Valneva Reports Nine Month Results Marked
by Further Major Corporate Achievements
- 2021_01_15_VLA_Deerfield-Orbi_Debt_Amendment_PR_EN_Final
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