PARIS—U.S. healthcare giant Pfizer has agreed to invest 90.5 million euros ($95.24 million) to buy an 8.1 percent stake in French vaccines company, as the companies announced developments in their partnership to tackle the Lyme disease.
Pfizer will buy the stake in Valneva, which is also working on its COVID-19 vaccine, at a price of 9.49 euros per share, via a reserved capital increase.
Shares in Valneva rose sharply, surging by 14.5 percent in early session trading to 9.09 euros.
Valneva will use the proceeds from Pfizer’s equity investment to support its Phase 3 development contribution to the Lyme disease program.
Valneva and Pfizer also updated the terms of their collaboration and license agreement which they announced on April 30, 2020 for the Lyme disease vaccine candidate VLA15….