Jan 15th 2013 - Edison Investment Research today published a report on quickview entitled "Valneva Say Never Again". In summary, the report says:
French stem cell company Vivalis, is to merge with the Austrian vaccine company Intercell, to create a new company called Valneva. The merger, due to take effect in May, will be followed by a €40m rights issue. Vivalis shareholders will own 55% of Valneva, with Intercell’s shares being converted at a 39% premium to the pre-deal share prices. An extra 8.6m shares will be issued to former Intercell shareholders should its Pseudomonas vaccine be approved. We view the merger positively: the two companies have complementary vaccine technologies and significant cost synergies should be achievable.
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