Edition:
India

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


Monday, 8 Jun 2020 

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%.