June 8, 2020 / 4:12 PM / a month ago

BRIEF-Valneva: Hart-Scott-Rodino Clearance For Lyme Vaccine Collaboration With Pfizer

June 8 (Reuters) - VALNEVA SE:

* VALNEVA ANNOUNCES HART-SCOTT-RODINO CLEARANCE FOR LYME VACCINE COLLABORATION WITH PFIZER

* AGREEMENT IS NOW EFFECTIVE AND VALNEVA WILL RECEIVE A $130 MILLION UPFRONT PAYMENT.

* ANTITRUST-RELATED CONDITION PRECEDENT FOR LYME VACCINE COLLABORATION AGREEMENT WITH PFIZER HAS BEEN MET

* VALNEVA IS ELIGIBLE TO RECEIVE A TOTAL OF $308 MILLION CASH PAYMENTS

* PAYMENTS CONSISTING OF $130 MILLION UPFRONT PAYMENT DESCRIBED ABOVE, $35 MILLION IN DEVELOPMENT MILESTONES AND $143 MILLION IN EARLY COMMERCIALIZATION MILESTONES

* VALNEVA WILL FUND 30% OF ALL DEVELOPMENT COSTS THROUGH COMPLETION OF DEVELOPMENT PROGRAM

* IN RETURN PFIZER WILL PAY VALNEVA TIERED ROYALTIES STARTING AT 19% Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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