Valneva SE ('Valneva' or 'the Company') announced an amendment to the terms of its existing debt facility with Deerfield Management Company and OrbiMed. Noting the COVID-19 pandemic impact on the travel industry, and following a temporary waiver of the revenue covenant for the second half of 2020, Valneva, Deerfield and OrbiMed have agreed to modify this covenant for 2021 and 2022, replacing the twelve month rolling €115 million with quarterly minimum revenues representing an annual total of €64 million in 2021 and an annual total of €103.75 million in 2022. The parties have also agreed to modify the minimum cash requirement to €50 million for 2021 and 2023 and to €35 million for the following years. In February 2020, Valneva announced a broad debt financing arrangement with funds managed by Deerfield Management Company and OrbiMed. The transaction included an initial $60 million fixed rate debt and flexible terms to draw down an additional $25 million in the next twelve months. To date, Valneva has drawn down $60 million from this $85 million financing arrangement.