Our Capital Markets team advised Jefferies LLC, Jefferies GmbH, TD Cowen, Stifel, Nicolaus & Company, Incorporated, and Stifel Europe Securities as global coordinators and Van Lanschot Kempen (USA) Inc. and Van Lanschot Kempen N.V. as joint bookrunners in connection with Valneva SE's approximately €84 million private placement ("PIPE").
Valneva issued 15,893,817 ordinary shares, each with one share warrant attached (ABSA), at a purchase price of €2.33 per ABSA. The gross proceeds include €37 million raised upon closing and an aggregate of up to €47 million if all warrants are exercised.
The PIPE was led by existing investor Frazier Life Sciences, with participation by new investors such as TCGX, Deep Track Capital, Cormorant Asset Management, Perceptive Advisors, Vivo Capital, and Samsara BioCapital, as well as existing investor Nantahala.
Jefferies GmbH also acted as settlement agent for this transaction.
Valneva (Nasdaq: VALN, Euronext Paris: VLA) is a specialty vaccine company that develops, manufactures, and commercializes prophylactic vaccines for infectious diseases addressing unmet medical needs. Based in France, Valneva has more than 700 employees worldwide, several manufacturing sites in Europe, and currently markets three proprietary travel vaccines. Revenue from the company's growing commercial business helps fuel advancement of its vaccine pipeline. This includes the only Lyme disease vaccine candidate in advanced clinical development, produced in partnership with Pfizer, and the most clinically advanced Shigella vaccine candidate, as well as vaccine candidates for other global public health threats. The company is listed on Euronext Paris and Nasdaq.
The Goodwin team was led by Edwin O’Connor on US law and Guilhem Richard on French law and included Mariléna Gryparis, Shanna Kim, Jesse Fishman, Haylee Brown, and Keerthi Adusumilli (Corporate); Julie Tibbets and Elizabeth Mulkey (FDA Regulatory); Heath Ingram (Healthcare); Dan Karelitz and Marie-Laure Bruneel (Tax); and Olivia Uitto (Intellectual Property).