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Valneva (NASDAQ:VALN) (OTCPK:INRLF) upsized an offering to raise ~€102.9M (~$99.9M) from the previously expected $40M due to excess demand.
The French vaccine maker is pricing of 21M ordinary shares in a global offering to certain investors consisting of a public offering of 375K American Depositary Shares (ADSs), each representing two ordinary shares, in the U.S., and a concurrent private placement of 20.25M ordinary shares in certain jurisdictions outside the U.S. (the European Private Placement) — together with the U.S. offering, the global offering.
Valneva priced the offering at €4.90 per ordinary share, corresponding to $9.51 per ADS, the company said in a Sept. 30 press release.
Valneva added that Deep Track Capital, a new shareholder of the company, agreed to buy a ~50.06% of the total number of ordinary shares (including those sold as ADSs) to be sold in the global offering.
Meanwhile, Bpifrance Participations, an existing shareholder, agreed to buy ~4.86% of the total shares sold.
Bpifrance Participations and Deep Track will hold about 6.97% and 7.60%, respectively, stake in the company.
The company expects the net proceeds of ~$93.1M (€96M).
Valneva expects to use ~50% of net proceeds to fund the co-development and marketing of its Lyme disease vaccine VLA15; ~40% for its chikungunya virus vaccine VLA1553; ~5% to fund development of two of preclinical vaccine candidates VLA1554 and VLA2112; and the remaining ~5% for working capital and for general corporate purposes.
Image and article originally from seekingalpha.com. Read the original article here.