Valneva’s Lyme disease vaccine is projected to be launched in 2025 and generate sales of $11m the following year, according to EvaluatePharma’s consensus of sellside forecasts. Pfizer clearly sees much bigger potential, having laid out $130m up front to co-develop and sell the asset, sending Valneva’s stock up 30% today. VLA15 is the only active Lyme disease vaccine candidate in clinical trials, Valneva says, and covers six serotypes prevalent in North America and Europe; phase II trials will yield topline data mid-year. Securing Pfizer as a partner is a major coup for the French group, removing funding uncertainty for the programme and substantially strengthening Valneva’s cash position – it had just €38.3m ($41.7m) at the end of 2019. Valneva will fund 30% of the of the phase III programme costs, which some analysts have put as high as €100m; Pfizer will sell the drug. Should all go well, the French group will receive $178m in development and sales milestones and tiered royalties starting at 19%. Valneva will need the vaccine to succeed, since it expects the Covid-19 pandemic to cut 2020 sales of its travel vaccines by €20-40m, down to around €100m.
|Phase II trials of VLA15|
|Randomised, placebo-controlled, observer-blind study, testing three doses administered monthly||573||Europe and US||Dec 18, 2019||NCT03769194|
|Randomised, placebo-controlled, observer-blind study, testing two doses administered every two months||246||US only||Apr 7, 2020||NCT03970733|