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Company Information

Lyon (euro adhoc) - Valneva SE announces the sale of its Clinical Manufacturing
Operations (CMO) in France to Biological E

Next step in broadening an excellent strategic partnership


Lyon (France), Hyderabad (India) 7th June, 2013 - Valneva SE (Valneva), a
European biotech company, today announced the signing of a binding term sheet to
sell its Clinical Manufacturing Operations (CMO) in Nantes to Biological E, a
leading Indian biopharmaceutical company.

The sale of this unit, which is dedicated to the manufacturing of clinical trial
materials, is part of Valneva's strategy to realize cost synergies of EUR 5 to 6
million annually following the merger of Intercell AG and Vivalis SA to create
Valneva. 

The divestment of the CMO facility is expected to contribute up to EUR 3 million
cost savings to the annual merger-synergies. In addition, Valneva will receive
an undisclosed purchase price, exceeding the current book value of the facility.

Valneva and Biological E established a first partnership in 2005 for the
development and commercialization of a novel Japanese Encephalitis vaccine for
endemic regions, based on Valneva's JEV technology. The vaccine, which was
successfully developed under this partnership, is being commercialized in India
under the trade-name JEEV® and further territory expansions in the JE-endemic
markets are planned. The CMO facility in Nantes will not be related to the JEV
vaccine program.

Valneva and Biological E are also in discussions to potentially extend their
strategic partnership into new vaccine development programs based on Valneva's
EB66® manufacturing platform. The EB66® cell line is an advanced system for the
production of a wide variety of human and veterinary viral and therapeutic
vaccines. Valneva remains the owner of the EB66® cell line and will continue to
license it for human and veterinary product development to pharmaceutical and
biotech companies and to propose EB66® process development services. 

Thomas Lingelbach, President and Chief Executive Officer and Franck Grimaud,
President and Chief Business Officer of Valneva, commented: "This agreement
demonstrates that Valneva's merger strategy to become a leading sustainable
biotech company in antibodies and vaccines, is on track. We are pleased to
broaden our excellent strategic partnership with Biological E with this
transaction and believe that it will create additional opportunities for our two
companies going forward."


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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company:     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:     ATX Prime
stockmarkets: regulated dealing: Euronext Paris, regulated dealing/prime
             standard: Wien 
language:   English