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PARIS (Reuters) - French vaccines company Valneva, which is aiming to get European approval for its COVID-19 vaccine product, said it had secured new financing with U.S.-based healthcare investment firms Deerfield Management Company and OrbiMed.
Valneva said it had agreed to increase the principal amount of its existing $60 million debt financing agreement with up to an additional $40 million with Deerfield and OrbiMed.
This extension would provide Valneva immediate access to $20 million, with an additional $20 million available upon potential conditional approval of its inactivated COVID-19 vaccine candidate, VLA2001, by the European Medicines Agency, said the company.
(Reporting by Sudip Kar-Gupta; Editing by Tom Hogue)