Pfizer invests nearly US$100 million in Valneva to accelerate Lyme disease vaccine
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Pfizer invests nearly US$100 million in Valneva to accelerate Lyme disease vaccine
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Pfizer invests nearly US$100 million in Valneva to accelerate the development of the world’s first new Lyme disease vaccine.
After disclosing positive Phase II data for VLA15 in children (VLA15-221) two months ago, Pfizer and Valneva decided to deepen their collaboration.
Earlier this week (June 20), Pfizer announced that it would acquire an 8.1% stake in French vaccine company Valneva at a price of 9.49 euros per share, for a total consideration of 90.5 million euros (about 95.24 million U.S. dollars).
The deal will close by June 22, and Valneva plans to use the proceeds to support the Phase III clinical development of VLA15.
Pfizer and Valneva also renewed the collaboration agreement signed in April 2020.
The two previously agreed that Valneva will bear 30% of the development cost of VLA15, and after this revision, this proportion will be increased to 40%.
At the same time, Pfizer will also pay Valneva’s tiered royalties from 19% to 14% to 22%.
If the product is eventually approved, Pfizer will also pay Valneva up to $100 million in milestone payments based on cumulative sales.
Other development and early commercialization milestones have not changed, including the $25 million Pfizer will pay Valneva when VLA15 initiates a Phase III clinical trial.
For now, Valneva is expected to get the proceeds this year.
(source:internet, reference only)
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