Valneva, a commercial-stage French biotech developing vaccines for infectious diseases, revised the terms for its upcoming IPO on Wednesday.
The Saint-Herblain, France-based company now plans to raise $94 million by offering 3.5 million ADS equivalents at a price range of $24.04 to $28.85. The company had previously filed to offer the same number of ADS equivalents at $28.24, the as-converted April 27 close of its shares on the Euronext Paris (VLA). At the midpoint of the revised range, Valneva will raise -6% less in proceeds than previously anticipated.
Valneva has successfully licensed and commercialized a portfolio of traveler vaccines, composed of IXIARO (also marketed as JESPECT in Australia and New Zealand) for the prevention of Japanese encephalitis in travelers and military personnel and DUKORAL for the prevention of cholera. Its clinical portfolio contains lead program VLA15, a vaccine targeting Borrelia (Lyme disease) under development in collaboration with Pfizer, which is currently in Phase 2 trials.
Valneva was founded in 1999 and booked $133 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol VALN. Goldman Sachs, Jefferies, Guggenheim Securities and Bryan, Garnier & Co are the joint bookrunners on the deal. It is expected to price during the week of May 3, 2021.
