Date: 2016-05-30
Type of information: Restructuring
Compound:
Company: Valneva (France- Austria)
Therapeutic area: Infectious diseases
Type agreement: restructuring
Action mechanism:
Disease:
Details: * On January 26, 2016, Valneva announced the successful establishment of its new global marketing & distribution network. This network provides a strong platform for significant further value growth from the Company’s first two commercial vaccines – Ixiaro® /Jespect® and Dukoral®. Valneva also reverts to its prior guidance of approximately €30 million for Ixiaro® net sales revenues in 2015, owing to a very collaborative and professional transition and substantial in-market sales growth in 2015. Management had anticipated that the transition would impact net sales by €5-10 million, but this reduction has not materialised.
Valneva acquired a sales and marketing team in the Nordic countries in 2015 and recently established two new dedicated sales and marketing organizations with offices in Montreal, Canada and London, UK, which will focus on developing the sales of the Company’s travel vaccines Ixiaro® and Dukoral® in addition to third party products. In the US, Valneva will now distribute Ixiaro® directly to the US Military, the Company’s largest customer for this vaccine.
Valneva estimates that more than 60% of its expected 2016 total product sales can be generated by its own commercial teams. The company’s commercial teams have extensive expertise in the sale, marketing and distribution of vaccines, gained through prior experience in sales and business development in large pharmaceutical companies.
In order to complement its own commercial sales infrastructure, Valneva has entered into a number of country-specific marketing and distribution agreements to ensure broad geographic availability of its products through leading local distribution partners. The commercial terms of these new agreements are improved compared to the global marketing and distribution agreement terminated in June 2015. GSK, however, will continue to be responsible for the marketing and distribution of Ixiaro® and Dukoral® in Germany. As previously announced, VaxServe, a Sanofi Pasteur company, will market and distribute Ixiaro® exclusively in the U.S. private market while US company PaxVax, who was already commercializing Dukoral® in Italy, Spain and Portugal, will now market and distribute Ixiaro® in these countries. Australian company BioCSL will continue to distribute Valneva’s Japanese encephalitis vaccine in Australia and New
Zealand while India and Taiwan will be covered by the existing agreements with Biological E and Adimmune.
Valneva has also partnered with a number of local companies in smaller markets, such as IMED for Poland and certain Eastern European markets, Pro Farma in Switzerland and a number of other partners in the Asia Pacific region including Singapore, Malaysia, Philippines and Thailand. Valneva now expects 2016 total revenues to be close to €100 million.
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