Vaccine specialist Valneva has sold new shares worth €84 million as it moves to strengthen its balance sheet in the wake of mixed results for its Lyme disease vaccine in a large-scale trial.
The France-based firm said it has issued almost 16 million new shares, representing an increase of around 9 per cent on the total number of shares already sold.
It comes after it announced in March that Pfizer, which holds an around 5 per cent stake in the company, would go ahead and seek regulatory approval for their joint Lyme disease vaccine, even though one of the trial criteria was not met due to fewer-than-anticipated cases of the disease.
At the time, the results sent Valneva’s share price down over a third.
Last year, the company cut its revenue forecast and had to postpone repaying a $215 million loan to Pharmakon Advisors after the US FDA suspended the licence for its chikungunya vaccine Ixchiq, saying the jab posed a danger to health.
The new shares were offered to selected institutional investors led by Frazier Life Sciences, which upped its stake from 2 per cent to 4 per cent.
Alongside Ixchiq, Valneva also makes a vaccine for cholera and one for Japanese encephalitis. It reported total sales of €158 million in 2025.
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