Pfizer buys 8.1% of Valneva for €90.5 million, or €9.49 per share. The companies are jointly developing a single vaccine against Lyme disease, which has reached the stage of clinical trials. The parties also updated the cooperation agreement. Valneva will now finance 40% of the remaining total development costs versus 30% in the original agreement. And Pfizer will pay Valneva royalties ranging from 14% to 22%, rather than 19% as previously planned. In addition, royalties will be supplemented by milestones of up to $100 million based on total sales.