21st Austria weekly - Valneva; AT&S (20/06/2022)

Valneva: Austrian/French vaccine company Valneva and Pfizer announced that they have entered into an Equity Subscription Agreement and have updated the terms of their Collaboration and License Agreement for Lyme disease vaccine candidate VLA15. As previously announced on April 26, 2022, Pfizer plans to initiate the Phase 3 study of VLA15 in the third quarter of 2022. As part of the Equity Subscription Agreement, Pfizer will invest €90.5 ($95) mn in Valneva, representing 8.1% of Valneva’s share capital at a price of €9.49 per share, through a reserved capital increase to further support the strategic Lyme partnership between the two companies. The per share purchase price was determined based on the average closing price of the Company’s shares on Euronext Paris during the 10 trading days preceding the date of the Equity Subscription Agreement. The equity investment is due to close on June 22, 2022. Valneva is planning to use the proceeds from Pfizer’s equity investment to support its Phase 3 development contribution to the Lyme disease program. In addition, Valneva and Pfizer updated the terms of their collaboration and license agreement which they announced on April 30, 2020. Valneva will now fund 40% of the remaining shared development costs compared to 30% in the initial agreement. Pfizer will pay Valneva tiered royalties ranging from 14% to 22%, compared to royalties starting at 19% in the initial agreement. In addition, the royalties will be complemented by up to $100 mn in milestones payable to Valneva based on cumulative sales. Other development and early commercialization milestones are unchanged, of which $168 million remain, including a $25 mn payment to Valneva upon Pfizer’s initiation of the Phase 3 study.
Valneva: weekly performance: 59.36%

AT&S: AT&S, manufacturer of high-end printed circuit boards and IC substrates, increased its guidance for the current financial year 2022/23. The company anticipates that revenue of roughly Euro 2.2 bn will be generated in the financial year 2022/23 (previously: approx. Euro 2 bn). The expected EBITDA margin adjusted for start-up costs will increase to 27 to 30% (previously: 23 to 26%). The assumptions regarding start-up costs (Euro 75 mn) and the investment volume (Euro 1,250 mn) remain unchanged. The outlook is based on the assumption that the global economy will not enter a recession, no direct negative financial effects of the geopolitical upheavals will result from the war in Ukraine and the Covid situation in China will not lead to any long-term production downtimes. 
AT&S: weekly performance: 8.01%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (20/06/2022)

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