April 30, 2020 / 5:16 AM / a month ago

BRIEF-Valneva and Pfizer to collaborate on Lyme disease vaccine product VLA15

April 30 (Reuters) - Valneva/Pfizer:

* Valneva SE, a specialty vaccine company, and Pfizer Inc. today announced a collaboration to develop and commercialize Valneva’s Lyme disease vaccine candidate VLA15, which is currently in Phase 2 clinical studies.

* Valneva is eligible to receive a total of $308 million cash payments consisting of a $130 million upfront payment, $35 million in development milestones and $143 million in early commercialization milestones

* Under the terms of the agreement, Valneva will fund 30% of all development costs through completion of the development program, and in return Pfizer will pay Valneva tiered royalties starting at 19%.

* Pfizer will lead late-stage development and have sole control over commercialization. (Reporting by Sudip Kar-Gupta)

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