Cross-border M&A wizardry produces Valneva from Vivalis & Intercell

Technology licensing firm Vivalis of France and vaccine company Intercell of Austria have broken new ground for technical sophistication in engineering a cross-border merger agreement that combines elements of financing and preferred share conditionality. The two companies expect to complete their merger of equals next May to form a new company focused on vaccines and antibodies. It will be called Valneva, headquartered in Lyon, France, and listed on the NYSE Euronext in Paris and the Vienna Stock Exchange.