- FY 2020 cash and cash equivalents of €204.4 million, exceeding guidance of between €180 million and €200 million.
- FY 2020 cash and cash equivalents include $130 million from the Lyme disease collaboration with Pfizer and €96.7 million from the UK COVID-19 vaccine partnership.
- No further drawdown from the $85 million debt financing arrangement with leading US funds Deerfield Management Company and OrbiMed in H2 2020 ($60 million drawn in H1 2020).
Valneva, a specialty vaccine company focused on prevention of infectious diseases with significant unmet medical need, today reported preliminary and unaudited cash and cash equivalents of €204.4 million at the end of December 2020, exceeding its guidance of between €180 million and €200 million.
Valneva’s cash and cash equivalents at December 31, 2020 increased to €204.4 million compared to €64.4 million at December 31, 2019. The change was primarily driven by a $130.0 million upfront payment related to the Lyme collaboration agreement with Pfizer, €96.7 million related to the UK COVID-19 vaccine partnership deal, and €48.8 million of net proceeds from the financing arrangement with Deerfield and OrbiMed, offset by €20 million repayments of borrowings to the European Investment Bank. Such amounts are preliminary and unaudited.
Thomas Lingelbach, Chief Executive Officer of Valneva commented, “2020 has been a transformational year for Valneva, marked by the Pfizer and UK government partnerships. With over €200 million of cash, Valneva is in a strong position despite the impact of the COVID-19 pandemic on the travel industry and our commercial travel business. This solid cash position will allow us to focus on the execution of our key programs in 2021.”
Valneva will release its unaudited full-year 2020 financial results on February 25, 2021.