Vivalis and Intercell set to merge

France’s Vivalis is set to buy Intercell in a deal valuing the Austrian vaccine maker at around €133m (£108m), and creating an enlarged player in the European biotech industry. Both companies are loss-making and the tie-up, billed as a merger of equals, will allow for cost savings of €5m-€6m a year, the companies said yesterday. The combined group will be called Valneva.