Pfizer continues work in vaccines space with new equity stake

Building on the progress made via  a partnership with BioNTech (Nasdaq: BNTX), American pharma giant Pfizer (NYSE: PFE) is taking further steps to develop its vaccines business.

The company will pay 90.5 million euros ($95 million) for an 8% stake in French vaccines company Valneva (Euronext: VLA). The latter’s shares shot up nearly 35% to 12.15 euros by late morning trading.

The equity deal adds to an  existing collaboration and license agreement for Lyme disease vaccine candidate VLA15, which includes a planned Phase III study later this year.