EANS-Adhoc: Valneva SE announces the successful completion of its EUR40 million capital increase - transaction was oversubscribed by 146%.

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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Financing, Stock Offerings (IPO)
04.07.2013

Lyon (France), July 4th, 2013 - VALNEVA S.E. ("Valneva" or the
"Company") today announces the successful completion of its capital
increase with pre-emptive subscription rights launched on June 13th,
2013. The capital increase was oversubscribed and the final gross
proceeds amount to EUR40,187,819.75 with the issuance of 15,165,215
new shares. Total subscription orders for this capital increase
amounted to approximately EUR58.7 million million, i.e., a
subscription rate of approximately 146%. - 13,439,860 new
shares were subscribed on an irreducible basis ("à titre
irréductible"), representing approximately 88.6% of the new shares to
be issued.

- Subscription orders on a reducible basis ("à titre
réductible") amounted to 8,723,132 new shares and will, as a result,
be satisfied only in part, i.e. for 1,725,355 new shares. This
capital increase will allow the Company to strengthen its financial
profile as well as to implement its strategy as Valneva strives to
become a European leader in antibody discovery and vaccines
development and commercialization. Thomas Lingelbach, President and
Chief Executive Officer and Franck Grimaud, President and Chief
Business Officer of Valneva commented, "This capital increase was an
important element of our strategy to form Valneva and we are pleased
that it has been more than successfully completed. We want to thank
our current and new shareholders who have given us their confidence
by participating in the financing. We are delighted that Valneva's
value proposition has been appreciated - with a product on the
market, product candidates in development, validated and partnered
technologies and a strategy towards becoming a leading, financially
self-sustainable European biotech company specialized in vaccine
development and antibody discovery" As per their subscription
commitments, France's Strategic Investment Fund ("FSI") and Groupe
Grimaud subscribed on an irreducible and reducible basis for a total
amount of EUR17.1 million (representing 42.6% of the rights issue
size), of which EUR14.6 million for the FSI and EUR2.5 million for
Groupe Grimaud. Upon completion of the capital increase, the FSI will
hold 10.1% of the share capital of the Company. Furthermore, Groupe
Grimaud will remain Valneva's largest shareholder with a 21.7% stake
in the Company. The settlement-delivery and the listing of the new
ordinary shares are expected to occur on July 5th, 2013. The new
ordinary shares will carry full rights ("jouissance courante"). They
will be immediately fungible with the Company's existing ordinary
shares and will admitted to trading on the regulated market of NYSE
Euronext in Paris ("Euronext Paris") as well as on the regulated
marked of the Vienna Stock Exchange ("Vienna Stock Exchange" or
"VSE") on the same listing line under the same ISIN code
FR0004056851. This transaction has been led by Crédit Agricole
Corporate and Investment Bank and Société Générale Corporate &
Investment Banking, acting as Joint Lead Managers and Joint
Bookrunners of the offering.

Contacts:
Valneva SE
Laetitia Bachelot Fontaine
Communications@valneva.com
Tel: +33 (0)2 28 07 37 10
Mob: +33 (0)6 45 16 70 99

NewCap
Dusan Oresansky / Pierre Laurent
Valneva@newcap.fr
Tel: +33 (0)1 44 71 94 92

About Valneva SE Valneva is a new European biotech company focused on
vaccines and antibodies for the treatment and prevention of
infectious diseases. It was created in 2013 through the merger
between Intercell AG and Vivalis SA. Valneva's mission is to excel in
both antibody discovery, and vaccine development and
commercialization, either through in-house programs or in
collaboration with industrial partners using innovative technologies
developed by the company. Valneva generates diversified revenue from
both its marketed product, a vaccine for the prevention of Japanese
encephalitis (IXIARO®), commercial partnerships around a portfolio of
product candidates (in-house and partnered), and licensed technology
platforms developed by Valneva that are becoming widely adopted by
the biopharmaceutical industry.

www.valneva.com

Disclaimer

This press release and the information contained herein do not
constitute an offer to sell or the solicitation of an offer to
purchase Valneva securities.

No communication and no information in respect of the offering by
Valneva of shares (the "Shares") may be distributed to the public in
any jurisdiction where a registration or approval is required. No
steps have been or will be taken in any jurisdiction outside France
and Austria where such steps would be required. The offering or
subscription of the Shares may be subject to specific legal or
regulatory restrictions in certain jurisdictions. Valneva takes no
responsibility for any violation of any such restrictions by any
person.

This press release is solely an advertisement and does not constitute
a prospectus within the meaning of Directive 2003/71/EC of the
European Parliament and the Council of November 4, 2003, as amended,
to the extent such Directive has been transposed in the relevant
member State of the European Economic Area.

This press release does not constitute and shall not be considered as
constituting a public offer, an offer to subscribe or as an intention
to solicit the interest of the public for a public offering. The
distribution of this press release in certain countries may
constitute a breach of applicable law.

With respect to the member States of the European Economic Area which
have implemented the Prospectus Directive other than France and
Austria, no action has been undertaken or will be undertaken to make
an offer to the public of the securities requiring a publication of a
prospectus in any member State, other than France and Austria. As a
result, the Shares may not be offered or will not be offered in any
member State other than France and Austria, except, pursuant to the
exemptions described in article 3(2) of the Prospectus Directive, if
they have been transposed by this member State or in any other
circumstances not requiring Valneva to publish a prospectus as
provided under article 3(2) of the Prospectus Directive and/or
regulations applicable in this member State.

For the purposes of this provision, the expression "Prospectus
Directive" means Directive 2003/71/EC (and amendments thereto,
including the 2010 PD Amending Directive, to the extent implemented
in the relevant member State), and includes any relevant implementing
measure in the relevant member State and the expression "2010 PD
Amending Directive" means Directive 2010/73/EU."

With respect to the United Kingdom, this press release is for
distribution only to persons who (i) have professional experience in
matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (as amended, the "Financial Promotion Order"), (ii) are persons
falling within Article 49(2)(a) to (d) ("high net worth companies,"
"unincorporated associations," etc.) of the Financial Promotion
Order, (iii) are outside the United Kingdom, or (iv) are persons to
whom an invitation or inducement to engage in investment activity
(within the meaning of section 21 of the Financial Services and
Markets Act 2000) in connection with the issue or sale of any
securities may otherwise lawfully be communicated or caused to be
communicated (all such persons together being referred to as
"relevant persons"). This press release is directed only at relevant
persons and must not be acted on or relied on by persons who are not
relevant persons. Any investment or investment activity to which this
press release relates is available only to relevant persons and will
be engaged in only with relevant persons.

With respect to the United States, this press release may not be
published, distributed or transmitted in the United States (including
its territories and dependencies, any state of the United States and
the District of Columbia). This press release does not constitute or
form a part of any offer or solicitation to purchase or subscribe for
securities in the United States. The shares and the preferential
subscription rights mentioned herein have not been, and will not be,
registered under the United States Securities Act of 1933, as amended
(the "Securities Act"). They may not be offered or sold in the United
States (as defined in Regulation S under the Securities Act), except
pursuant to an exemption from the registration requirements of the
Securities Act. Valneva does not intend to register any portion of
the proposed offering in the United States or to conduct a public
offering in the United States.

This press release may not be published, forwarded or distributed in
the United States, Canada, Japan or Australia.

Further inquiry note:
Valneva SE
Laetitia Bachelot-Fontaine
Communications@valneva.com
T +33 228 07 37 10

end of announcement euro adhoc
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issuer: Valneva SE
Gerland Plaza Techsud, 70, rue Saint Jean de Dieu
F-69007 Lyon
phone: +33 4 78 76 61 01
mail: communications@valneva.com
WWW: www.valneva.com
sector: Biotechnology
ISIN: FR0004056851
indexes: ATX Prime
stockmarkets: regulated dealing: Euronext Paris, regulated dealing/prime
standard: Wien
language: English