Vaccines company Valneva secures new financing with U.S firms Deerfield and OrbiMed

FILE PHOTO: Biotech firm Valneva works on an inactivated whole-virus vaccine against COVID-19 in Vienna

PARIS (Reuters) – French vaccines company Valneva, which is aiming to get European approval for its COVID-19 vaccine product, said it had secured new financing with U.S.-based healthcare investment firms Deerfield Management Company and OrbiMed.

Valneva said it had agreed to increase the principal amount of its existing $60 million debt financing agreement with up to an additional $40 million with Deerfield and OrbiMed.

This extension would provide Valneva immediate access to $20 million, with an additional $20 million available upon potential conditional approval of its inactivated COVID-19 vaccine candidate, VLA2001, by the European Medicines Agency, said the company.

(Reporting by Sudip Kar-Gupta; Editing by Tom Hogue)