Valneva and Pfizer announce the closing of their equity investment

Holy-Herblain (France) and New York, June 232022Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a vaccines company, and Pfizer Inc. (NYSE: PFE) today announced the closing of the equity investment announced on June 20, 2022.1

Pursuant to a share subscription agreement, Pfizer invested €90.5 (95) million dollars in Valnevarepresenting 8.1% of Valneva’s share capital at a price of €9.49 per share, per reserved capital increase. Valneva plans to use the product to support its contribution to the planned Phase 3 development program for Lyme disease vaccine candidate VLA15. Pfizer expects to initiate the Phase 3 study of VLA15 in Q3 2022.

About Valneva SE

Valneva is a specialty vaccine company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical needs. The Company takes a highly specialized and targeted approach to vaccine development, then applies its extensive knowledge of vaccine science to develop prophylactic vaccines against these diseases. Valneva has leveraged its expertise and capabilities to both successfully commercialize two vaccines and to rapidly advance a wide range of candidate vaccines in and through the clinic, including candidates against Lyme disease, chikungunya virus and COVID-19.

About Pfizer: Breakthroughs That Change Patients’ Lives

At Pfizer, we apply science and our global resources to bring people therapies that dramatically extend and improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacturing of healthcare products, including innovative medicines and vaccines. Every day, Pfizer colleagues work in developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. In line with our responsibility as one of the world’s leading innovative biopharmaceutical companies, we work with healthcare providers, governments and local communities to support and expand access to reliable and affordable healthcare in the whole world. For over 170 years, we’ve worked to make a difference for everyone who counts on us. We regularly post information that may be important to investors on our website at www.pfizer.com. Also, to learn more, visit us at www.pfizer.com and follow us on Twitter at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.

Valneva
Laetitia Bachelot-Fontaine
vice-president Global Communications and European Investor Relations
M +33 (0)6 4516 7099
[email protected]

Joshua Drumdoctorate
Vice President of Global Investor Relations
M +1 917 815 4520
[email protected]

Pfizer
Media Relations:
[email protected]
212-733-1226

Investor Relations:
[email protected]
212-733-4848

Valneva forward-looking statements
This press release contains certain forward-looking statements relating to the business of Valneva, including with respect to the progress, timing, results and completion of research, development and clinical trials for product candidates and estimates of future performance. Furthermore, even if the actual results or the development of Valneva are consistent with the forward-looking statements contained in this press release, these results or developments of Valneva may not be maintained in the future. In some instances, you can identify forward-looking statements by words such as “could”, “should”, “may”, “expect”, “anticipate”, “believe”, “intend”, “estimates”, “aims”, “targets” or similar words. These forward-looking statements are based in large part on the current expectations of Valneva as of the date of this press release and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements to differ materially from the results, performance or future achievements expressed or implied by such forward-looking statements. In particular, the expectations of Valneva could be affected by, among other things, uncertainties related to the development and manufacture of vaccines, unexpected results of clinical trials, unexpected regulatory actions or delays, competition in general, currency fluctuations, the impact of the crisis global and European credit and the ability to obtain or retain patent or other proprietary intellectual property protection. The success of preclinical studies or previous clinical trials may not be indicative of the results of future clinical trials. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made in this presentation will actually materialize. Valneva provides the information contained in these materials as of this press release, and disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Pfizer Notice of Disclosure
The information contained in this press release is as of June 23, 2022. Pfizer undertakes no obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments.

This release contains forward-looking information about a Lyme disease vaccine candidate, VLA15, as well as a stock subscription agreement and a collaboration and license agreement between Pfizer and Valneva for VLA15, including their potential benefits and a planned Phase 3 clinical trial, which involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among others, uncertainties inherent in research and development, including the ability to achieve anticipated clinical endpoints, start and/or completion dates or recruitment goals for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, including uncertainties related to the time required to accumulate cases in the planned Phase 3 trial, as well as the possibility of new unfavorable clinical data and further analyzes of existing clinical data; the risk that clinical trial data will be subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design and results of our clinical studies; whether and when drug applications can be filed in all jurisdictions for VLA15; whether and when such applications can be approved by regulatory authorities, which will depend on a myriad of factors, including determining whether the benefits of the product outweigh its known risks and determining the efficacy of the product and, if of approval, whether VLA15 will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that may affect the availability or commercial potential of VLA15; uncertainties regarding the ability to obtain recommendations from vaccine advisory or technical committees and other public health authorities and uncertainties regarding the commercial impact of such recommendations; if our collaboration with Valneva will succeed; uncertainties regarding the impact of COVID-19 on Pfizer’s business, operations and financial results; and competitive developments.

A more detailed description of the risks and uncertainties is available in Pfizer’s Annual Report on Form 10-K for the year ended. December 31, 2021 and in its subsequent reports on Form 10-Q, including the sections titled “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are deposited with the US Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.

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1 Valneva and Pfizer Enter into Stock Subscription Agreement and Update Terms of Collaboration Agreement for Lyme Disease VLA15 Vaccine Candidate

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