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EANS-Adhoc: Proposed Merger of Equals between Vivalis and Intercell

Geschrieben am 16-12-2012

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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Mergers - Acquisitions - Takeovers/Company Information
16.12.2012

Proposed Merger of Equals between Vivalis and Intercell
Creation of a European Biotech Leader in Vaccines and Antibodies

- Vivalis ("Vivalis") and Intercell AG ("Intercell") to merge and
form Valneva SE ("Valneva"), headquartered in Lyon (France) and
listed on the regulated markets of NYSE Euronext in Paris and the
Vienna Stock Exchange - Intercell shareholders to receive 13 Vivalis
new ordinary shares for 40 Intercell shares, implying a 31.7% premium
for Intercell shareholders based on the average share prices over the
last three months - Additionally, Intercell shareholders to receive
13 new preferred shares for 40 Intercell shares. Each preferred share
to be converted into 0.4810 new Valneva ordinary shares in the event
of successful approval of Intercell's Pseudomonas vaccine - Implied
ownership of Valneva immediately post-merger completion: 55% former
Vivalis shareholders / 45% former Intercell shareholders - Merger
unanimously approved by the Supervisory Boards of Vivalis and
Intercell - Irrevocable undertakings to vote in favor of the merger
received from holders of 68.5% of the voting rights in Vivalis,
including Groupe Grimaud - Fully committed EUR 40 million rights
issue to be launched shortly after merger completion, to further
strengthen Valneva's financial profile. The Fonds Stratégique
d'Investissement ("FSI") supports the merger and will participate in
the rights issue - Merger of Equals structure with each company
contributing equally to Valneva's Supervisory Board, and Valneva's
Management Board being comprised of two Vivalis and two Intercell
Management Board members

Nantes (France) and Vienna (Austria), Dec. 16th, 2012 - The
Management Boards of Vivalis (NYSE-Euronext: VLS) and Intercell (VSE:
ICLL) announce that they have agreed the terms of a merger to create
the newly-named Valneva, a leading European biotechnology company in
vaccines and antibodies.

The merger will create an integrated company with greater scale and
diversification, strengthened financial profile and complementary
talent and capabilities: - Complementary business models operating
across the value chain with innovative technology platforms,
discovery and development capabilities, state-of-the-art
manufacturing and commercialization expertise - Diversified revenue
streams from a marketed vaccine against Japanese Encephalitis Virus
and income from multiple commercial technology licenses - A broad
portfolio of promising partnered product candidates including a
pandemic Influenza vaccine in Phase III, a Pseudomonas vaccine in
Phase II/III and a Tuberculosis vaccine in Phase II - A portfolio of
validated and commercialized technology platforms including the EB66®
cell line for human and veterinary product development which is
becoming the industry standard, the VIVA|ScreenTM antibody discovery
platform and the IC31® novel adjuvant - EUR 5-6 million of expected
cost synergies, on an annual run-rate basis, achieved within two
years following completion of the merger - Substantially improved
financial profile with a combined cash balance of EUR 94 million as
at 30 September 2012 (adjusted for the planned EUR 40 million rights
issue and the repayment of Intercell's outstanding convertible bond).
This improved financial position will enhance the development of
Valneva's vaccine and antibody portfolio and will de-risk the path to
profitability - A complementary and experienced management team led
by Thomas Lingelbach as President and Chief Executive Officer, Franck
Grimaud as President and Chief Business Officer, Majid Mehtali as
Chief Scientific Officer and Reinhard Kandera as Chief Financial
Officer

Franck Grimaud, CEO and Majid Mehtali, CSO, co-managers of Vivalis,
commented: "The merger with Intercell is an important step towards
Vivalis' strategic goal of building a profitable, product-based
biopharmaceutical company and laying the foundations for rapid
revenue and profit growth going forward. The merger will
significantly complement our core capabilities, in particular towards
product development, while also adding strength and breadth to our
R&D portfolio. As a result of multiple revenue streams, Valneva will
also enjoy enhanced financial strength to fund its future growth."

Thomas Lingelbach, CEO of Intercell, commented: "Our strategy is to
build a sustainable biotech company with a well-balanced and
diversified value proposition enabling us to develop innovative
products with a strong focus on preventing and treating infectious
diseases. The merger will help achieve this goal by combining
Vivalis' discovery and technology capabilities with Intercell's
development, manufacturing and commercialization expertise. The
increased financial strength will provide us greater capabilities to
progress our pipeline. We expect both sets of shareholders will
substantially benefit from the strengthened capabilities of the
combined company."

Terms of the Merger

Upon completion of the merger, Intercell shareholders will receive 13
new Vivalis ordinary shares and 13 new preferred shares for every 40
Intercell shares that they own.

The merger consideration represents a premium for Intercell
shareholders of 38.5% on the basis of the last closing share prices
and 31.7% on the basis of the average share prices over the last
three months, as at 14 December 2012.

Upon completion of the merger, expected to occur in May 2013, and
based on the current issued share capital of each company, Vivalis
former shareholders will hold approximately 55.0% and Intercell
former shareholders approximately 45.0% of the issued share capital
of Valneva.

Each preferred share will convert into 0.4810 Valneva new ordinary
shares upon the issuance of a marketing authorization for Intercell's
Pseudomonas vaccine in the United States of America or in Europe,
which would result in the creation of approximately 8.6 million new
ordinary Valneva shares. The preferred shares will not be listed but
will be freely transferable.

The issuance of this potential market authorization will unlock the
significant value of the Pseudomonas vaccine from which all Valneva
shareholders will benefit. Through Intercell's current Pseudomonas
partnership, Valneva will be entitled to either receive royalties
tied to sales performance and potential development milestones of EUR
120 million or, should it elect to co-develop the product,
participate in a profit sharing scheme.

The merger is subject to certain customary conditions, including,
inter alia, the approval by shareholders of both Vivalis and
Intercell and the obtaining of relevant regulatory consents. The
terms of the merger will be reviewed by merger auditors in France and
Austria. Additionally, a French independent expert will review the
terms and conditions of the preferred shares.

Vivalis has received irrevocable undertakings from Groupe Grimaud and
other Vivalis shareholders to vote their aggregate 68.5% voting
rights of the outstanding share capital of Vivalis in favor of the
merger.

Intercell has received an irrevocable undertaking from its principal
shareholder under which this shareholder has agreed to vote its
approximately 15% voting rights of the outstanding share capital of
Intercell in favor of the merger.

Simultaneously with the completion of the Merger, Vivalis will be
converted into a European Company (SE) with a Management Board
(Directoire) and a Supervisory Board (Conseil de Surveillance). It
will also change its corporate name to Valneva SE and will transfer
its headquarters to Lyon.

The Supervisory Board will be chaired by Fréderic Grimaud, currently
Chairman of the Supervisory Board of Vivalis. The remainder of
Valneva's Supervisory Board will be comprised of two additional
members proposed by the Supervisory Board of Vivalis, three members
proposed by the Supervisory Board of Intercell, and one member to be
proposed by the FSI (upon completion of the planned EUR 40 million
rights issue).

Michel Greco, a member of both Intercell's and Vivalis' Supervisory
Boards, has resigned from the Supervisory Board of Intercell. Upon
closing of the merger, he will be a Supervisory Board member of
Valneva.

Valneva shares will be listed on the regulated markets of NYSE
Euronext in Paris and the Vienna Stock Exchange.

Intended Rights Issue: EUR 40 million already secured

Shortly following completion of the merger, Valneva intends to launch
a EUR 40 million rights issue, where its shareholders will have the
right to subscribe on a pro rata basis.

Vivalis and Intercell have received the following commitments with
respect to the intended rights issue, and therefore already secured
the EUR 40 million capital increase:

- The FSI has undertaken to participate in the rights issue for 62.5%
of the total size of the offering, up to EUR 25 million - Groupe
Grimaud and Unigrains (one of Groupe Grimaud's long-term
shareholders) have irrevocably undertaken to subscribe in aggregate
to the rights issue for EUR 5 million - Two banks have committed to
underwrite EUR 10 million under market-standard terms and conditions

An analyst presentation available via dial-in conference call and
webcast is taking place on Monday, 17 December 2012, at 2.00pm CET /
1.00pm GMT / 8.00am EST. To view the live webcast or consult the
presentation, please visit the companies' websites (www.vivalis.com
and www.intercell.com). To access the conference call, please dial-in
on the following numbers:

Austria: +43(0)1 2530 10153
Germany: +49(0)89 1214 00699
Switzerland: +41(0)22 592 7641
France: +33(0)1 70 99 42 76
Sweden: +46(0)8 5876 9445
United Kingdom: +44(0)20 3450 9987
Netherlands: +31(0)20 721 9158
National free phone US: +1 877 249 9037
Local - New York, US: +1 646 254 3367

Please quote the access code "8043867" when dialing into the conference.

Société Générale Corporate and Investment Banking is advising Vivalis
in connection with the merger. Goldman Sachs International is
advising Intercell in connection with the merger.

Contacts

Vivalis
Philippe Rousseau
Investors@vivalis.com

Intercell
Nina Waibel
Communications@intercell.com
Tel: +(43) 1 20620 1222 / 1116

NewCap
Axelle Vuillermet / Pierre Laurent
Vivalis@newcap.fr
Tel: +33 (0)1 44 71 94 93

Forward-Looking Statements

This Press Release contains certain forward-looking statements
relating to the business of Intercell AG, Vivalis SA or Valneva,
including with respect to the progress, timing and completion of
research, development and clinical trials for product candidates, the
ability to manufacture, market, commercialize and achieve market
acceptance for product candidates, the ability to protect
intellectual property and operate the business without infringing on
the intellectual property rights of others, estimates for future
performance and estimates regarding anticipated operating losses,
future revenues, capital requirements and needs for additional
financing. In addition, even if the actual results or development of
Intercell AG, Vivalis SA or Valneva are consistent with the
forward-looking statements contained in this Press Release, those
results or developments of Intercell AG, Vivalis SA or Valneva may
not be indicative of their in the future. In some cases, you can
identify forward-looking statements by words such as "could,"
"should," "may," "expects," "anticipates," "believes," "intends,"
"estimates," "aims," "targets," or similar words. These
forward-looking statements are based largely on the current
expectations of Intercell AG, Vivalis SA or Valneva as of the date of
this Press Release and are subject to a number of known and unknown
risks and uncertainties and other factors that may cause actual
results, performance or achievements to be materially different from
any future results, performance or achievement expressed or implied
by these forward-looking statements. In particular, the expectations
of Intercell AG, Vivalis SA or Valneva could be affected by, among
other things, uncertainties involved in the development and
manufacture of vaccines, unexpected clinical trial results,
unexpected regulatory actions or delays, competition in general,
currency fluctuations, the impact of the global and European credit
crisis, and the ability to obtain or maintain patent or other
proprietary intellectual property protection. In light of these risks
and uncertainties, there can be no assurance that the forward-looking
statements made during this presentation will in fact be realized.
Intercell AG, Vivalis SA and Valneva are providing the information in
these materials as of this Press Release, and disclaim any intention
or obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

Important Information

This Press Release and the information contained in it do not
constitute an offer to buy, sell or subscribe for any shares in
Vivalis SA, Intercell AG or Valneva SE in any country. The
distribution, publication or release of this Press Release may be
prohibited or restricted by the laws or regulations applicable in
certain countries. Persons who are physically present in those
countries and in countries where the Press Release is distributed,
published or released must comply with local restrictions. This Press
Release has not been and must not be distributed published or
released in Australia, Canada, Japan or the United States of America.
This announcement does not contain or constitute an offer of, or the
solicitation of an offer to buy or subscribe for, securities to any
person in the United States of America (the "United States") or in
any jurisdiction to whom or in which such offer or solicitation is
unlawful. The securities referred to herein may not be offered or
sold in the United States absent registration under the U.S.
Securities Act of 1933, as amended (the "Securities Act") or another
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act. The offer and sale of the
securities referred to herein has not been and will not be registered
under the Securities Act. Any public offer of the securities in the
United States will be made pursuant to a prospectus that may be
obtained from the issuer or the selling security holder and will
contain detailed information about the company. The merging companies
are European companies. Information distributed in connection with
the proposed merger and the related shareholder vote is subject to
European disclosure requirements that are different from those of the
United States. Financial statements and information may be prepared
according to accounting standards which may not be comparable to
those used generally by companies in the United States. It may be
difficult for you to enforce your rights and any claim you may have
arising under the U.S. federal securities laws in respect of the
merger, since the companies are headquartered outside the United
States. You may not be able to sue the companies or their officers or
directors in a European court for violations of the U.S. securities
laws. It may also be difficult to compel the companies and their
affiliates to subject themselves to a U.S. court's judgment.

Further inquiry note:
Intercell AG
Nina Waibel
Corporate Communications
Tel. +43 1 20620-1222
communications@intercell.com

end of announcement euro adhoc
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issuer: Intercell AG
Campus Vienna Biocenter 3
A-1030 Wien
phone: +43 1 20620-0
FAX: +43 1 20620-800
mail: investors@intercell.com
WWW: www.intercell.com
sector: Biotechnology
ISIN: AT0000612601
indexes: ATX Prime
stockmarkets: official market: Wien
language: English


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