By Daniel Shvartsman and David Wagner

French pharmaceutical company Valneva SE ADR (NASDAQ:) Shares dropped following the announcement of an offer to share, and shares traded lower by 12% after that news.

The vaccine manufacturer announcedFollowing Tuesday’s close of trading, the company offered 5.5M shares. Due to its Phase 3 trials of its covid-19 vaccine, the company’s shares rose nearly 50% over the previous two weeks. The trial showed superiority vs. AstraZeneca PLC ADR (NASDAQ:) vaccines, and the company believes that its vaccine, “the only inactivated vaccine candidate for COVID-19 in clinical trials in Europe,” could offer “benefits in terms of safety, cost, ease of manufacture and distribution” vs. current approved vaccines, and be adapted to future covid mutations.

It aims to raise between 100 and 116M (roughly $116 to $134M). Along with cash existing, the proceeds will be used to finance covid-19 vaccine research and development of vaccine candidates for Lyme disease (Chikungunya) as well as funding vaccine candidate development. If the underwriters choose to purchase, then this offering could result in 105 to106M shares.

Valneva shares plummeted in September on news the U.K. government canceled a contract to purchase Valneva’s COVID vaccine, and then retook its heights after the trial result announcement. Valneva shares have risen more than 44% and 276.5% respectively since October’s beginning.

Dynavax Technologies Corporation (NASDAQ:), who is supplying the adjuvant CpG 1018 for Valneva’s covid vaccine, continues to trade near 52-week highs, up about 2% today.