After Covid setback, Valneva lines up $100M for Pfizer-allied Lyme disease PhIII
Valneva has secured €102.9 million (around $99.9 million USD) in a share offering to push forward its Pfizer-partnered Lyme disease vaccine and a jab for chikungunya that awaits an FDA decision.
The French vaccine maker largely snagged the near $100 million from Deep Track Capital and local state-owned Bpifrance, the company said Tuesday night. The capital injection is nearly equal to the amount Pfizer paid to nab equity in the company earlier this summer as part of the duo’s vaccine tie-up.
The Phase III in Lyme disease started in August, after passing one mid-stage study in adults 13 months ago and another in April. The 6,000-person study will include people 5 years and older in the US and Europe.
Valneva’s vaccine prospects in Covid-19 dwindled a few weeks ago as the company said it was searching for a partner to prop up its second-gen jab. At the time, Valneva said the company was in talks with a potential partner but a deal could take months to hash out, if at all.
That came after the company suffered from a major scaling down of its vaccine contract with the European Commission. Instead of 60 million doses, the European agency only wanted 1.25 million. The EU authorized the vaccine for adults in June, but only as a primary jab, meaning most of Europe would be ineligible because they’d already received their main series of shots.
Proceeds from this week’s offering will also bankroll work for the rolling submission of the BLA for Valneva’s one-shot chikungunya vaccine for adults. That process kicked off in August after a pivotal Phase III was completed in March.
Editor’s note: This story was updated to correct that the Phase III study in Lyme disease began in August.