Valneva Upsizes Global Public Offering To EUR 102.9 Mln Of Shares

Valneva SE (VALN, VLA), a French specialty vaccine maker, said on Friday that it has upsized previously announced global public offering to 102.9 million euros, from $40 million following a higher demand.

The aggregate gross proceeds is expected to be 102.9 million euros, represents $99.9 million based on the exchange rate of 1 euro equal to $0.9706, reported by the European Central Bank on September 29.

The public offering of 21 million shares comprises 0.375 million American Depositary Shares, each representing two ordinary shares. In addition, a concurrent private placement of 20.25 million shares in certain European jurisdictions.

The offering price has been fixed at 4.90 euros per share, corresponding to a price of $9.51 per ADS. The price of the shares represents a discount of 3.92 percent from the closing price on September 29, and of 8.39 percent from the reference price determined by the firm.

The French firm said that the closing and delivery of the offering will occur, on or about October 4. The company projects that the net proceeds of the offering will be at around $93.1 million or 96 million euros.

The vaccine maker anticipates to use around half of the net proceeds to finance, co-develop, and market its vaccine candidate against Lyme disease, VLA15, followed by 40 percent for the vaccine candidate against the Chikungunya virus.

The remaining 10 percent will be used to finance two of its preclinical vaccine candidates, VLA1554 and VLA2112, and for working capital and general corporate purposes.

Goldman Sachs, Jefferies, Guggenheim Securities, and Bryan, Garnier & Co. are serving as joint bookrunners for the Global Offering.

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