Dechert Advises Valneva in Collaboration with Pfizer to Co-Develop and Commercialize Lyme Disease Vaccine, VLA15

Dechert is advising Valneva in its collaboration with Pfizer to develop and commercialize Valneva’s Lyme disease vaccine candidate VLA15, which is currently in Phase 2 clinical studies. Valneva is eligible to receive a total of $308 million cash payments consisting of a $130 million upfront payment, $35 million in development milestones and $143 million in early commercialization milestones. Under the terms of the agreement, Valneva will fund 30% of all development costs through completion of the development program, and in return Pfizer will pay Valneva tiered royalties starting at 19%. Pfizer will lead late-stage development and have sole control over commercialization.  The transaction, which was announced on April 30, is subject to customary closing conditions and clearances under antitrust law, including the Hart-Scott Rodino Antitrust Improvements Act.

Valneva is a specialty vaccine company focused on prevention against diseases with major unmet needs. Valneva has operations in Austria, Sweden, the United Kingdom, France, Canada and the US with over 500 employees. 

The Dechert team advising on this transaction includes corporate partner David Schulman and associate Carly Robinson; intellectual property partner Scott Warren; tax partner Joshua Milgrim and associate Mansi Seth; and antitrust partners Craig Falls and Clemens Graf York von Wartenburg, counsel Beverly Ang, and associates Nick Passaro and Michael Okkonen.

About Dechert
Dechert is a leading global law firm with 26 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.