Healthcare giant Pfizer has agreed to invest 90.5 million euros 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% 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.
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