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Vaccines company Valneva secures new financing with U.S firms Deerfield and OrbiMed

Vaccines company Valneva secures new financing with U.S firms Deerfield and OrbiMed
Vaccines company Valneva secures new financing with U.S firms Deerfield and OrbiMed   -   Copyright  Thomson Reuters 2022
By Reuters

PARIS – French vaccines company Valneva, which is aiming to get European approval for its COVID-19 vaccine product, said it had secured new financing with U.S.-based healthcare investment firms Deerfield Management Company and OrbiMed.

Valneva said it had agreed to increase the principal amount of its existing $60 million debt financing agreement with up to an additional $40 million with Deerfield and OrbiMed.

This extension would provide Valneva immediate access to $20 million, with an additional $20 million available upon potential conditional approval of its inactivated COVID-19 vaccine candidate, VLA2001, by the European Medicines Agency, said the company.