After Pfizer’s dominant global success with the Covid-19 vaccine the U.S.-based company has continued to expand outward by purchasing an 8.1% stake, worth roughly $95 million in the French vaccine company Valneva as the two companies work to develop a Lyme disease vaccine.

Pfizer said Monday that it would buy the stock for $9.99 per share which is roughly a 16% premium to Valneva’s closing price on Friday of $8.36.

The company will set up a joint program in which the proceeds of the deal will fund the development of a Lyme disease vaccine. There is currently no vaccine for the tick-borne infection that is known for being extremely debilitating. There has been a Lyme disease vaccine created in the past but unfortunately, this vaccine was discontinued due to low demand. Pfizer and Valneva are planning on beginning “phase three” of trials later this year.

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‍Source: Financial Times