Valneva secures new financing with Deerfield and OrbiMed

French vaccines company Valneva, which is aiming to get European approval for its COVID-19 vaccine product, said it had secured new financing with the US-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 (EMA), said the company.