Pfizer is investing €90.5 million to acquire an 8.1% stake in the French company Valneva, which produces vaccines, as the companies announced a collaboration in the fight against Lyme disease.
The American biopharmaceutical company will purchase shares at a price of €9.49.
Valneva, which is also researching a vaccine against Covid-19, plans to use the proceeds from Pfizer’s capital investment to support its Lyme disease program.
Valneva and Pfizer have revised the contract and terms of their collaboration agreed upon on April 30, 2020, related to the development of the Lyme disease vaccine VLA15.
Pfizer plans to launch Phase 3 of the VLA15 vaccine study in the third quarter of this year. Valneva will finance 40% of the remaining joint development costs compared to the previous 30%.
