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Vivalis SA To Buy Intercell AG and Form Valneva SE; Valneva SE Plans EUR 40 Million Rights Issue-Reuters


Sunday, 16 Dec 2012 04:13pm EST 

Reuters reported that Vivalis SA is set to buy Intercell AG in a deal valuing the Austrian vaccine maker at around EUR 133 million ($ 174 million). The combined group to be known as Valneva SE, with listings in Paris and Vienna, also plans to raise EUR 40 million via a rights issue to strengthen its balance sheet. Former Vivalis shareholders will hold approximately 55% of the combined entity and Intercell investors 45%, immediately after the deal completes. Under the terms of the deal, Intercell shareholders will receive 13 Vivalis new ordinary shares for 40 Intercell shares, representing a premium of 38.5% to the Austrian company's closing share price on December 14, 2012 when the Company was valued at EUR 96 million, or 31.7% above the three-month average. Intercell shareholders will also get 13 new preferred shares for 40 Intercell, with each preferred share to be converted into 0.481 new Valneva ordinary share in the event of approval of Intercell's experimental Pseudomonas vaccine. Societe Generale is advising Vivalis and Goldman Sachs International is working for Intercell on the deal, which is expected to be completed in May 2013. 

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