Valneva Announces Extension of the Interest-Only Period of Its Debt Facility with Deerfield and OrbiMed
March 18 2024 - 1:00AM
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 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 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 SEWe 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 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 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 OrbiMed2 Valneva
Announces Amendment to Deerfield and OrbiMed Debt Facility Terms3
Valneva Announces Upsized Financing Arrangement with Leading US
Healthcare Funds Deerfield and OrbiMed4 Valneva Provides Updated
2023 Financial Guidance - Valneva
- 2024_03_18_VLA_D&O_PR_EN_Final
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