Valneva announces $85 million financing arrangement

By Wendy Van Sickle

Columbus, Ohio, Feb. 3 – Valneva SE announced an $85 million debt financing with funds managed by Deerfield Management Co. and OrbiMed.

The transaction includes an initial fixed rate straight debt of $60 million, which Valneva said carries a high, single digit interest rate and has flexible terms that allow the company to draw down an additional $25 million of capital upon similar terms in the next 12 months.

Amortization payments will start in three years, and the loan will mature in six years. The intended use of proceeds is to repay the existing loan from the European Investment Bank and allow Valneva to continue to advance its leading Lyme and chikungunya development programs in the short term.

Saint-Herblain, France-based Valneva is a specialty vaccine company providing prevention against diseases with major unmet medical needs.

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