17.01.2021
Valneva: Valneva, an Austrian/French specialty vaccine company focused on prevention against diseases with major unmet needs, today announced an amendment to the terms of its existing debt facility with US-based healthcare investment firms Deerfield Management Company and OrbiMed. Noting the COVID-19 pandemic impact on the travel industry, and following a temporary waiver of the revenue covenant for the second half of 2020, Valneva, Deerfield and OrbiMed have agreed to modify this covenant for 2021 and 2022, replacing the twelve month rolling Euro 115 mn with quarterly minimum revenues representing an annual total of Euro 64 mn in 2021 and an annual total of Euro 103.75 mn in 2022. The parties have also agreed to modify the minimum cash requirement to Euro 50 mn for 2021 and 2023 and to Euro 35 mn for the following years.
10.01.2021
Valneva: Valnvea, an Austrian/french specialty vaccine company focused on prevention of infectious diseases with significant unmet medical need, reported preliminary and unaudited cash and cash equivalents of Euro 204.4 mn at the end of December 2020, exceeding its guidance of between Euro180 mn and Euro 200 mn. Valneva’s cash and cash equivalents at December 31, 2020 increased to Euro 204.4 mn compared to Euro 64.4 mn at December 31, 2019. The change was primarily driven by a USD 130.0 mn upfront payment related to the Lyme collaboration agreement with Pfizer, Euro 96.7 mn related to the UK COVID-19 vaccine partnership deal, and Euro 48.8 mn of net proceeds from the financing arrangement with Deerfield and OrbiMed, offset by Euro 20 mn repayments of borrowings to the European Investment Bank. Such amounts are preliminary and unaudited. Thomas Lingelbach, Chief Executive Officer of Valneva commented, “2020 has been a transformational year for Valneva, marked by