Valneva Signs an Agreement to Acquire Dukoral® Vaccine

Agreement includes Crucell Sweden AB, the Dukoral franchise and Nordic vaccine sales infrastructure

European biotechnology company Valneva SE (“Valneva”) announced today that it has entered into a Sale and Purchase Agreement with Crucell Holland B.V. to acquire Crucell Sweden AB (“Crucell Sweden”) and all assets, licenses and privileges related to Dukoral®(1), a vaccine against cholera and traveler’s diarrhea caused by ETEC, as well as a Nordics vaccine distribution business of the seller and its affiliates (the “Acquisition”). The agreement entails in particular the purchase of the manufacturing site in Solna (Sweden) and will comprise approximately 115 employees (FTE’s).

The total transaction consideration amounts to EUR 45 million.

The acquired business generated revenues of EUR 38 million in 2013 and EUR 23 million in the first nine months of 2014 from the sales of the Dukoral® vaccine and the distribution of several other vaccines for third parties.

Valneva anticipates that the envisaged transaction will:

  • Complement Valneva’s Japanese encephalitis vaccine by creating critical mass in traveler’s vaccines and adding commercial infrastructure
  • Add cash generating assets with long-term upside potential
  • Unlock synergies to further support Valneva´s development towards financial sustainability
  • Create a fully-integrated vaccines player with scarcity value in an attractive pharmaceutical segment

Valneva intends to finance the Acquisition with a combination of debt and equity. The completion of the envisaged transaction, which remains subject to the completion of customary conditions precedent for this kind of transaction, is expected to occur in February 2015.

(1) About Dukoral®
Dukoral® is used to protect against cholera - a very serious disease caused by Vibrio Cholerae (V. cholerae), which is caught from contaminated food or water and causes severe diarrhea. In some regions, i.e., Canada and Switzerland, Dukoral® is indicated for the prevention of and protection against travelers’ diarrhea caused by ETEC (Enterotoxigenic Escherichia coli) and/or cholera. Dukoral® is used in adults, adolescents and children from two years of age who will be visiting high-risk areas. The vaccine contains four different inactivated strains (types) of the bacterium V. cholerae serotype O1, and part of a toxin from one of these strains as active substances.

Forward-Looking Statements
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