Valneva Announces Launch of Proposed Global Offering of American Depository Shares and Ordinary Shares

October 27, 2021

Saint Herblain (France), October 26, 2021 - Valneva SE (Nasdaq: VALN; Euronext Paris: VLA) (the "Company"), a specialty vaccine company, today announced its intention to issue and sell, subject to market conditions, 5,500,000 of its ordinary shares in a global offering to specified categories of investors comprised of (i) a public offering of its American Depositary Shares ("ADSs"), each representing two ordinary shares, in the United States (the "U.S. Offering") and (ii) a concurrent private placement of its ordinary shares in certain jurisdictions outside of the United States (the "European Private Placement" and together with the U.S. Offering, the "Global Offering").

Goldman Sachs, Jefferies, Guggenheim Securities and Bryan, Garnier & Co. are acting as joint bookrunners for the Global Offering.

The Company intends to grant the underwriters for the Global Offering (the "Underwriters") a 30-day option to purchase additional ADSs (each representing two ordinary shares) in an aggregate amount of up to 15% of the total number of ordinary shares (including in the form of ADSs) proposed to be sold in the Global Offering.

All securities to be sold in the Global Offering will be offered by the Company. The ADSs are listed on the Nasdaq Global Select Market under the ticker symbol "VALN," and the Company's ordinary shares are listed on the regulated market of Euronext in Paris ("Euronext") under the symbol "VLA."

The offering price per ADS in U.S. dollars and the corresponding offering price per ordinary share in euros, as well as the final number of ADSs and ordinary shares sold in the Global Offering, will be determined following a book building process commencing immediately. The price per ordinary share (and corresponding offering price per ADS) will be at least equal to the weighted average price of the Company's ordinary shares on Euronext over a period, chosen by the Management Board, of between three (3) and ninety (90) consecutive trading days preceding the determination of the offering price, reduced by a maximum discount of 15%, if applicable.

Les ADSs et/ou les actions ordinaires seront émises par voie d'augmentation de capital sans droit préférentiel de souscription réservée à certaines catégories de personnes au sens de l'article L. 225-138 du Code de commerce) and pursuant to the 17th and 18^th resolutions of the Company's annual combined general meeting held on June 23, 2021. Under the authority granted by the shareholders in the 17th resolution, the ordinary shares and ADSs may only be purchased initially by (i) natural persons and legal entities, including companies, trusts or investment funds, organized under French or foreign law, that routinely invest in the pharmaceutical, biotechnological or medical technology sector; and/or (ii) companies, institutions or entities of any type, French or foreign, that do a significant part of their business in the pharmaceutical, cosmetic, chemical or medical devices and/or technologies or research in these sectors. In order to purchase ordinary shares and/or ADSs in the Global Offering, potential investors will be required to execute and provide to the Underwriters an investor letter representing that they satisfy the foregoing investor criteria.

Le Placement Privé Européen sera ouvert uniquement aux investisseurs qualifiés tels que ce terme est défini à l'article 2(e) du Règlement (UE) 2017/1129 du Parlement européen et du Conseil du 14 juin 2017.

The closings of the U.S. Offering and the European Private Placement will occur simultaneously, will be conditioned on each other and are expected to occur on the third trading day after the final pricing and allocation of the Global Offering. The underwriting agreement to be entered into among the Company and the Underwriters will not constitute a performance guarantee (garantie de bonne fin) within the meaning of Article L225-145 of the French Commercial Code.

The Global Offering will commence immediately and the Company plans to announce the result of the Global Offering as soon as practicable after pricing thereof in a subsequent press release. The Company expects to use the net proceeds from the Global Offering, together with its existing cash and cash equivalents, as follows (assuming an exchange rate of €1.00 = $1.1603, the exchange rate on October 25, 2021, as reported by the European Central Bank):

• Approximately $50 million to fund further development of its Lyme VLA15 vaccine candidate through completion of Phase 2 clinical trials including handover to Pfizer;
• Approximately $60 million to complete development of its chikungunya VLA1553 vaccine candidate through BLA approval;
• Approximately $100 million to fund further development of its COVID-19 VLA2001 vaccine candidate through conditional licensure and commercial launch, including capital expenditure into production facilities;
• Approximately $20 million to fund advancement of preclinical vaccine candidates towards clinical development; and
• Le solde, le cas échéant, pourrait être alloué au fonds de roulement et aux besoins généraux de la Société.

A registration statement on Form F-1 relating to the securities referred to herein has been filed with the U.S. Securities and Exchange Commission ("SEC") but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. The securities sold will not be part of a public offering in France. The registration statement can be accessed by the public on the website of the SEC.

Les titres financiers mentionnés dans le présent communiqué de presse seront offerts aux Etats-Unis uniquement par le biais d'un prospectus approuvé par la SEC. Lorsqu'il sera disponible, des exemplaires du prospectus préliminaire relatif à l'offre globale et en décrivant les conditions pourront être obtenus à l'adresse suivante : Goldman Sachs & Co. LLC, attention: Prospectus Department, 200 West Street, New York, New York 10282, téléphone : 866-471-2526, fax : 212-902-9316, e-mail : [email protected] ou Jefferies LLC, attention : Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, téléphone : +1 877 821 7388, e-mail : [email protected].

Application will be made to list the new ordinary shares to be issued pursuant to the Global Offering on the regulated market of Euronext in Paris.

The Global Offering was not subject to a prospectus to be approved by the French financial markets authority (Autorité des marchés financiers - the "AMF"). The Company draws the public's attention to the risk factors related to the Company and its activities set forth in section 1.5 of the universal registration document of the Company registered with the AMF under number D.21-0286 on April 9, 2021, as completed by the risk factors set forth in the Company's half year financial report published on August 10, 2021 and the risk factors set forth in section 1.5 of the amendment to the universal registration document of the Company registered with the AMF under number D.21-0286-A01 on October 26, 2021. Copies of the Company's 2020 universal registration document, as amended, will be available free of charge on the Company's website (www.valneva.com) and on the AMF's website (www.amf-france.org).

À propos de Valneva SE

Valneva est une société spécialisée dans le développement et la commercialisation de vaccins prophylactiques contre des maladies infectieuses générant d'importants besoins médicaux. Valneva a une approche hautement spécialisée et ciblée et utilise son expertise dans les différents modes de vaccination pour développer des vaccins prophylactiques destinés à lutter contre ces maladies. Le Groupe a mis à profit son expertise et ses infrastructures pour commercialiser avec succès deux vaccins et pour faire rapidement progresser un large éventail de candidats vaccins en développement clinique, et notamment ses candidats vaccins contre la maladie de Lyme, la COVID-19 et le virus du chikungunya.

Contacts Médias et Investisseurs Laëtitia Bachelot-Fontaine VP Global Communications & European Investor Relations M +33 (0) 6 4516 7099 [email protected]

Joshua Drumm, Ph.D. VP Global Investor Relations M +001 917 815 4520 [email protected]

Disclaimer

Ce communiqué de presse contient des déclarations prospectives relatives à l'Offre Globale envisagée et à l'utilisation prévue du produit de l'Offre Globale ainsi qu'aux projets de développement cliniques de la Société, sa stratégie commerciale et réglementaire et sa performance future attendue. Bien que la Société considère que ses projections sont basées sur des hypothèses raisonnables, ces déclarations prospectives peuvent être remises en cause par un certain nombre d'aléas et d'incertitudes, ce qui pourrait donner lieu à des résultats substantiellement différents de ceux décrits, induits ou anticipés dans lesdites déclarations prospectives. Les déclarations prospectives figurant dans le présent communiqué sont également soumises à de nombreux risques y compris les risques disponibles à la section 1.5 du document universel d'enregistrement de la Société enregistré par l'AMF sous la référence D.21-0286 en date du 9 avril 2021 (disponible sur le site de la Société) ainsi qu'aux conditions économiques, à la situation des marchés financiers et aux conditions de marché dans lesquels les opérations de la Société sont conduites. Les déclarations prospectives figurant dans le présent communiqué sont également soumises à des risques inconnus de Valneva ou que Valneva ne considère pas comme significatifs à cette date. La réalisation de tout ou partie de ces risques pourrait conduire à ce que les résultats réels, conditions financières, performances ou réalisations de Valneva diffèrent significativement de ces déclarations prospectives.

Le présent communiqué de presse ne constitue ni une offre de vente, ni une sollicitation d'offre d'achat de titres dans une quelconque juridiction, et ne pourra être considéré comme une offre, une sollicitation ou une vente dans une quelconque juridiction au sein de laquelle toute offre, sollicitation ou vente serait illégale avant un enregistrement ou une certification conformément à la réglementation locale. La déclaration d'enregistrement peut être obtenu sur le site web de la SEC.

This announcement is an advertisement and not a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the "Prospectus Regulation").

En France, toute offre ou cession d'actions de la Société ou distribution de documents d'offre n'a été et ne sera effectuée en France qu'au profit des catégories de personnes, conformément à l'article L.225-138 du Code de commerce. Le Placement Privé Européen sera ouvert uniquement aux investisseurs qualifiés tels que ce terme est défini à l'article 2(e) du Règlement Prospectus.

In relation to each member state of the European Economic Area other than France (each, a "Relevant Member State"), an offer of the securities referred to herein is not being made and will not be made to the public in that Relevant Member State, other than: (i) to any legal entity which is a qualified investor as defined in the Prospectus Regulation; (ii) to fewer than 150 natural or legal persons per relevant member state; or (iii) in any other circumstances falling within Article 1(4) of the Prospectus Regulation; provided that no such offer of the securities referred to herein shall require the Company to publish a prospectus pursuant to Article 3 of the Prospectus Regulation. For the purposes of the above, the expression an "offer to the public" in any Relevant Member State shall have the meaning ascribed to it in article 2(d) of the Prospectus Regulation.

Au Royaume-Uni, le présent communiqué est adressé uniquement (a) aux personnes qui sont situées en dehors du Royaume-Uni, (b) aux professionnels en matière d'investissement (« investment professionals ») au sens de l'article 19(5) du Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, tel que modifié (l'« Ordonnance »), (c) aux sociétés à capitaux propres élevés et aux autres personnes auxquelles il peut être légalement communiqué, relevant de l'article 49(2) de l'Ordonnance (toutes ces personnes étant ensemble désignées comme les « Personnes Habilitées »). Tout investissement ou activité d'investissement à laquelle le présent communiqué se réfère n'est valable que pour les Personnes Habilitées et engagera seulement les Personnes Habilitées. Toute personne autre qu'une Personne Habilitée doit s'abstenir d'utiliser ou de se fonder sur le présent communiqué et les informations qu'il contient.

Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of ordinary shares has led to the conclusion that: (i) the target market for the ordinary shares is eligible counterparties, professional clients and retail clients, each as defined in Directive 2014/65/EU, as amended ("MiFID II"); and (ii) all channels for distribution of the ordinary shares to eligible counterparties, professional clients and retail clients are appropriate. Any person subsequently offering, selling or recommending the ordinary shares (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the ordinary shares (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels. For the avoidance of doubt, even if the target market includes retail clients, the Underwriters have decided that they will only procure investors for the ordinary shares who meet the criteria of eligible counterparties and professional clients.

Ce communiqué de presse a été réalisé en langues française et anglaise ; en cas de différence entre les textes, la version française prévaudra.

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