Valneva

• Valneva SE ("Valneva"), a specialty vaccine company dual-listed on Euronext Paris (VLA) and NASDAQ (VALN), successfully completed an up to €84 million reserved offering, including €37 million in proceeds upon transaction closing and up to €47 million upon full exercise of the attached warrants
• The reserved offering was led by existing investor Frazier Life Sciences, with participation from new investors TCGX, Deep Track Capital, Cormorant Asset Management, Perceptive Advisors, Vivo Capital, and Samsara BioCapital, as well as existing investor Nantahala
• The offering was structured as ABSAs (Actions à Bons de Souscription d'Actions), consisting of 15,893,817 new ordinary shares at a subscription price of €2.33 per ABSA, with each ordinary share having one warrant attached. The issue price represents a facial discount of 1.6% to the 3-day VWAP of €2.37 (April 27-29, 2026), and a total discount of 14.4% per share after deducting the theoretical warrant value of €0.30 (Black-Scholes). Warrants are exercisable at €2.96 per share (25% premium to the 3-day VWAP), subject to subject to standard adjustments
• Company intends to use the net proceeds, together with existing cash, to advance Valneva's pipeline of differentiated vaccine candidates and grow its cash-generating commercial business, and for working capital and general corporate purposes
• Van Lanschot Kempen is pleased to have acted as Joint Bookrunner leveraging its deep life sciences expertise and global investor network
• This transaction marks Van Lanschot Kempen’s seventh transaction in France since 2025, underscoring the firm’s strong track record and long-term commitment to supporting French life sciences companies

• Valneva is a specialty vaccine company that develops, manufactures, and commercializes prophylactic vaccines for infectious diseases
• Valneva currently markets three proprietary travel vaccines: IXIARO/JESPECT (Japanese encephalitis), DUKORAL (cholera/ETEC-diarrhea), and IXCHIQ (chikungunya)
• Valneva’s product pipeline includes lead asset LB6V, a Lyme disease vaccine candidate in late-stage clinical development, partnered with Pfizer
• Valneva has built an R&D pipeline at various stages of development, including tetravalent Shigella vaccine candidate (S4V2, in collaboration with LimmaTech Biologics) and vaccine candidates against other global public health threats
• Valneva is headquartered in Lyon, France, and is listed on Euronext Paris (VLA) and Nasdaq (VALN)

In the last twelve months, Van Lanschot Kempen has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include:

• Joint Bookrunner in the SEK 350 million Capital Increase by Egetis Therapeutics
• Joint Book-Running Manager in the USD 200 million IPO by Agomab Therapeutics
• Sole Global Coordinator and Joint Bookrunner in the €105 million Capital Increase by Transgene
• Co-manager in the USD 110 million financing by Oculis
• Joint Bookrunner in the SEK 672 million Capital Increase by Hansa BioPharma
• Joint Bookrunner in the USD 345 million Capital Increase by uniQure
• Joint Bookrunner in the SEK 720 million sale of existing shares by BioArctic shareholders
• Co-Manager in the USD 748 million Capital Increase by Abivax
• Joint Bookrunner in the USD 201 million Capital Increase by Pharvaris
• Financial Advisor in the €37.5 million venture debt financing by MaaT Pharma
• Lead Manager in the USD 345 million Capital Increase by Merus
• Strategic advisory to Genewity, Byondis and Iteos Therapeutics
• Sole Financial Adviser to Galapagos in the sale of a portfolio of oncology and immunology programmes to Onco3R Therapeutics