EANS-News: Valneva SE announces the sale of its Clinical Manufacturing
Operations (CMO) in France to Biological E
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Company Information
Lyon (euro adhoc) - Valneva SE announces the sale of its Clinical Manufacturing
Operations (CMO) in France to Biological E
Next step in broadening an excellent strategic partnership
Lyon (France), Hyderabad (India) 7th June, 2013 - Valneva SE (Valneva), a
European biotech company, today announced the signing of a binding term sheet to
sell its Clinical Manufacturing Operations (CMO) in Nantes to Biological E, a
leading Indian biopharmaceutical company.
The sale of this unit, which is dedicated to the manufacturing of clinical trial
materials, is part of Valneva's strategy to realize cost synergies of EUR 5 to 6
million annually following the merger of Intercell AG and Vivalis SA to create
Valneva.
The divestment of the CMO facility is expected to contribute up to EUR 3 million
cost savings to the annual merger-synergies. In addition, Valneva will receive
an undisclosed purchase price, exceeding the current book value of the facility.
Valneva and Biological E established a first partnership in 2005 for the
development and commercialization of a novel Japanese Encephalitis vaccine for
endemic regions, based on Valneva's JEV technology. The vaccine, which was
successfully developed under this partnership, is being commercialized in India
under the trade-name JEEV® and further territory expansions in the JE-endemic
markets are planned. The CMO facility in Nantes will not be related to the JEV
vaccine program.
Valneva and Biological E are also in discussions to potentially extend their
strategic partnership into new vaccine development programs based on Valneva's
EB66® manufacturing platform. The EB66® cell line is an advanced system for the
production of a wide variety of human and veterinary viral and therapeutic
vaccines. Valneva remains the owner of the EB66® cell line and will continue to
license it for human and veterinary product development to pharmaceutical and
biotech companies and to propose EB66® process development services.
Thomas Lingelbach, President and Chief Executive Officer and Franck Grimaud,
President and Chief Business Officer of Valneva, commented: "This agreement
demonstrates that Valneva's merger strategy to become a leading sustainable
biotech company in antibodies and vaccines, is on track. We are pleased to
broaden our excellent strategic partnership with Biological E with this
transaction and believe that it will create additional opportunities for our two
companies going forward."
Further inquiry note:
Valneva SE
Corporate Communications
Tel.: +43-1-20620-1222/-1116
Email: communications@valneva.com
end of announcement euro adhoc
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company: Valneva SE
Gerland Plaza Techsud, 70, rue Saint Jean de Dieu
F-69007 Lyon
phone: +33 4 78 76 61 01
mail: communications@valneva.com
WWW: www.valneva.com
sector: Biotechnology
ISIN: FR0004056851
indexes: ATX Prime
stockmarkets: regulated dealing: Euronext Paris, regulated dealing/prime
standard: Wien
language: English