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Dec 24, 2012
 |  BC Week In Review  |  Company News  |  Deals

Intercell, Vivalis deal

Vivalis will merge with infectious disease company Intercell in a stock deal that values Intercell at about €132.5 million ($174.4 million). The combined company, which will be a public company named Valneva SE, will also raise €40 million ($52.6 million) in a fully committed rights issue following the close of the merger, which is expected in May 2013. Vivalis shareholders will own 55% of Valneva, and Intercell shareholders will own the remaining 45%.

Under the deal, Intercell shareholders will receive 13 ordinary Vivalis shares and 13 preferred Vivalis shares for every 40 Intercell shares held. The preferred shares will convert into 0.481 Valneva shares upon U.S. or European approval of Intercell's IC43 Pseudomonas aeruginosa...

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