Valneva Announces Extension of Existing Loan Agreement
August 17 2023 - 1:00AM
Up to an additional $100 million made
available in two
tranches
Saint-Herblain
(France),
August 17,
2023 – Valneva SE (Nasdaq: VALN;
Euronext Paris: VLA), a specialty vaccine company, today announced
an agreement to increase the principal amount of its existing $100
million senior secured debt financing agreement with funds managed
by leading U.S. healthcare investment firms Deerfield Management
Company and OrbiMed. The add-on loan facility provides Valneva with
immediate access to $50 million, with an additional $50 million
available at the Company’s discretion until December 31, 2023. The
increased funding will be used to further invest in R&D, as
well as continued market access preparations and potential
commercialization of Valneva’s chikungunya vaccine candidate.
Peter
Bühler, Chief
Financial Officer of Valneva,
said, “We greatly appreciate the continued support from Deerfield
and OrbiMed as we continue to execute on our launch preparations
for our chikungunya vaccine candidate. Securing access to
additional funding at this critical time enables greater
flexibility and helps ensure successful launch of our
ground-breaking vaccine, for which we anticipate potential FDA
approval by the end of November.”
The add-on facility has a three-year
interest-only period and will mature in the third quarter of 2028.
The loan interest rate remains unchanged.
The original loan agreement was signed in
February 20201. Valneva announced amendments to the terms in
January 20212 and upsizing in April 20223.
About
DeerfieldDeerfield 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
OrbiMedOrbiMed is a leading healthcare investment
firm, with $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 SEWe are a
specialty vaccine company focused on the development, manufacturing
and commercialization of prophylactic vaccines for infectious
diseases. We take a highly specialized and targeted approach to
vaccine development by focusing on vaccine solutions addressing
unmet medical needs to ensure we can make a difference to peoples’
lives. We apply our deep understanding of vaccine science,
including our expertise across multiple vaccine modalities, and our
established vaccine development capabilities, to develop vaccines
against diseases which are not yet vaccine-preventable, or for
which there are limited effective treatment options. Today, we are
leveraging our expertise and capabilities to rapidly advance a
broad range of vaccines into and through the clinic, including
candidates against Lyme disease, the chikungunya virus.
Valneva
Investor and Media ContactsLaetitia Bachelot-FontaineVP
Global Communications & European Investor RelationsM +33 (0)6
4516
7099laetitia.bachelot-fontaine@valneva.com |
Joshua
Drumm, Ph.D.VP Global Investor RelationsM +001 917 815
4520joshua.drumm@valneva.com |
Forward-Looking StatementsThis
press release contains certain forward-looking statements relating
to the business of Valneva, including anticipated use of additional
funds. 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. 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
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 OrbiMed2 Valneva
Announces Amendment to Deerfield and OrbiMed Debt Facility Terms3
Valneva Announces Upsized Financing Arrangement with Leading US
Healthcare Funds Deerfield and OrbiMed
- 2023_08_17_D_O_Loan_Extension_PR_EN
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