Valneva SE

EANS-Adhoc: Valneva SE
Completion of Merger between Vivalis and Intercell to form Valneva
Creating a European Biotech Leader in Vaccines and Antibodies

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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
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Mergers - Acquisitions - Takeovers/Company Information
28.05.2013


Lyon (France), May 28th, 2013 - Valneva SE (Valneva) today announces the
completion of the merger of equals between Vivalis and Intercell, creating a new
European biotech company focusing on vaccines and antibodies, striving to become
a leader in its field.


Valneva ordinary shares (ISIN FR0004056851) start trading today on the regulated
market of NYSE Euronext in Paris under the ticker symbol "VLA.PA" and on the
Prime Market segment of the Vienna Stock Exchange under the ticker symbol "VLA".
Valneva preferred shares (ISIN FR0011472943) will start trading today on the
regulated market of NYSE Euronext in Paris under ticker symbol "VLApr.PA" and on
the unregulated Third Market Segment of the Vienna Stock Exchange under the
ticker symbol "VLAP".

Thomas Lingelbach, President and Chief Executive Officer and Franck Grimaud,
President and Chief Business Officer of Valneva, commented: "Today is a major
milestone for our new company. Valneva combines the strengths and capabilities
of Vivalis and Intercell in antibody discovery and vaccine development and
commercialization. We have a clear growth strategy to build a sustainable
business by growing revenues through marketed products as well as through
existing and future partnerships, and to invest into vaccines development and
antibody discovery. We believe this value proposition will generate substantial
rewards for our shareholders."

Valneva operates across the whole biopharmaceutical value chain with innovative
technology platforms, discovery and development capabilities, state-of-the-art
manufacturing and commercialization expertise. Valneva generates revenue from
diversified sources including its marketed product as well as current and new
commercial partnerships.  

Valneva has a broad portfolio of product candidates (in-house/partnered)
including a pandemic Influenza vaccine in Phase III, a Pseudomonas vaccine in
Phase II/III and a Tuberculosis vaccine in Phase II.

It has also a portfolio of technology platforms that are becoming widely adopted
by the biopharmaceutical industry at large. These include the validated and
commercialized technology platforms EB66® cell line for human and veterinary
product development, VIVA|ScreenTM antibody discovery platform and IC31® novel
adjuvant.


Intended Rights Issue of an envisaged amount of EUR 40 million 

As announced on December 16th 2012, Valneva plans to launch, subject to market
conditions and to the approval from the French Autorité des marchés financiers
on the Prospectus which will be prepared for this purpose, rights issue of an
envisaged amount of EUR 40 million. 

Valneva has received the following commitments with respect to the intended
rights issue, and therefore already secured EUR 40 million:

1. The FSI has undertaken to participate to the rights issue for a maximum
amount of EUR 25 million (within the limit of 62.5% of the proceeds of the
issue) on the basis of irrevocable entitlement (à titre irréductible) and on the
basis of entitlement subject to reduction (à titre réductible); 
2. Groupe Grimaud and Unigrains (one of Groupe Grimaud's long-term shareholders)
have irrevocably undertaken to participate in aggregate to the rights issue for
EUR 5 million and on the basis of entitlement subject to reduction (à titre
réductible);
3. Two banks have committed to underwrite EUR 10 million under market-standard
terms and conditions.

Goldman Sachs International and Société Générale Corporate and Investment
Banking are acting as advisors on the merger. Credit Agricole Corporate and
Investment Bank and Société Générale Corporate and Investment Banking are acting
as Joint Lead Managers and Joint Bookrunners for the rights issue.


Further inquiry note:
Valneva SE
Corporate Communications
Tel.: +43-1-20620-1222/-1116
Email: communications@valneva.com

end of announcement                               euro adhoc 
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issuer:      Valneva SE
             Gerland Plaza Techsud, 70, rue Saint Jean de Dieu 
             F-69007 Lyon
phone:       +33 4 78 76 61 01
mail:     communications@valneva.com
WWW:      www.valneva.com
sector:      Biotechnology
ISIN:        FR0004056851
indexes:     
stockmarkets: regulated dealing: Euronext Paris, regulated dealing/prime
             standard: Wien 
language:   English
 



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