French vaccines developer Valneva has closed the share issuance in connection with MVM Life Science Partners LLP`s investment in the Company.
MVM`s investment consists of a combined purchase of new shares together with a tranche of shares from existing undisclosed shareholders of the Company. The transaction was announced on December 1.
Valneva announced that it has now completed the issuance of 2,884,615 new ordinary shares to funds managed by MVM by way of a private placement without preferential subscription rights, based on resolution 24 of the June 2016 AGM and corresponding to a 3.9% dilution of the ordinary share capital. The placement resulted in aggregate proceeds of EUR7.5 million for Valneva. The total number of ordinary shares has increased to 77,582,714.
Together with the purchase of a further tranche of shares from undisclosed shareholders of the Company, which is in the process of being closed, funds managed by MVM will own 7.5% of Valneva`s ordinary share capital.