Pfizer has agreed to pay 90.5m euros for an 8.1 per cent stake in Valneva, a move that will boost the French Lyme disease vaccine program.
The American pharmaceutical group said on Monday it would buy the shares at a price of 9.49 euros per share – a 26% mark-up over the closing price of Valneva on Friday of 7.50 euros – by increasing the reserved capital.
Proceeds will go to developing a Joint program for Lyme diseasewhose conditions were revised by the two drug manufacturers.
Wave will finance 40% of the remaining shared development costs, compared to 30% before. Pfizer will pay Valneva multilevel royalties of up to 22 percent, to be supplemented by up to $ 100 million in major stages due to Valneva based on sales, the companies said in a statement.
“PfizerValneva’s investment underscores the quality of the work we have done together over the last two years and is a strong recognition of Valneva’s expertise in vaccines, “said Valneva CEO Thomas Lingelbach in a statement.