Pfizer, the US pharmaceutical industry company, is buying a 6.1% partnership with French vaccine maker Valneva SE, a Biotech company. The giant firm has agreed to invest in developing medical systems to combat Lyme disease. So, the article contains Pfizer Bought Stake in Valneva.
They confirmed that Pfizer purchased Valneva for 9 euros 49 cents per share. In all, the company will have to pay 952 million US dollars. The French company is also working on making the COVID-19 vaccine. In addition, the company is using the money to conduct a third-stage trial of a vaccine for Lyme disease called VLA15.
Meanwhile, Valneva and Pfizer have also updated the terms of their cooperation and licensing agreement. However, the contract was announced on April 30, 2020, for the discovery of the Lyme disease vaccine. “We’ve been working together for two years,” said Thomas Ningelbach, Chief Executive of Valneva. Pfizer’s investment in Valneva reflects this collaborative relationship. It is also a recognition of our expertise in vaccine technology.
Earlier, on April 26, it was announced that Pfizer plans to launch a third-phase trial of the VLA15 vaccine in the third quarter of 2022. Under the revised agreement, Valneva will fund 40 percent of the total cost of the trial. Earlier it was 30%.
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