VIVALIS : VIVALIS SPECIAL AND COMBINED SHAREHOLDERS MEETINGS TO BE HELD MARCH 7, 2013

VIVALIS : VIVALIS SPECIAL AND COMBINED SHAREHOLDERS MEETINGS TO BE HELD MARCH
                                   7, 2013

              VIVALIS SPECIAL AND COMBINED SHAREHOLDERS MEETINGS
                           TO BE HELD MARCH 7, 2013

Nantes, Lyon (France) - 11 February 2013 - VIVALIS (NYSE Euronext Paris :
VLS), a biopharmaceutical company, announced today that the Combined
Shareholders' Meeting that is set to vote on the proposed merger with
Intercell AG in order to form Valneva S.E., previously announced to be held on
March 4th, 2013, will finally take place on March 7, 2103 in Nantes (France).
The same applies to the Special Meeting for the Shareholders having double
voting rights that will take place before the Combined Shareholders' Meeting.

A delayed release  (asked for  February 4th,  2013 but  actually completed  on 
February 6th,  2013 by  the BODACC)  explains why  these meetings  have to  be 
postponed. A one month period has  to be respected between the actual  release 
of this publication and the shareholders' meetings.

As announced  in the  Press  Release dated  January  28, 2013,  the  Intercell 
Shareholders Meeting will take place on February 27, 2013 in Vienna  (Austria) 
and the merger is expected  to be completed by  early May 2013, as  previously 
announced.

Vivalis would like to remind that it has received irrevocable commitments from
shareholders representing 68.5% of the voting rights to vote in favor of the
proposed resolutions.

The agenda, texts of the resolutions of these two Vivalis Shareholders
meetings and the main rules of how to proceed with the votes have been
published in the Bulletin d'Annonces Légales Obligatoires n°12 dated January
28, 2013.

                            **********************

                Next financial press release: Q4 2012 Results
                   February 14, 2013, after market closing

About VIVALIS (www.vivalis.com)

Vivalis (NYSE-Euronext:  VLS) is  a  biopharmaceutical company  that  provides 
innovative  cell-based  solutions  to  the  pharmaceutical  industry  for  the 
manufacture of  vaccines and  recombinant  proteins, and  develops  monoclonal 
antibodies for the prevention and treatment of pathologies with unmet  medical 
needs. Vivalis' expertise and intellectual property are leveraged in two  main 
areas:

1.EB66^® Cell Line

Vivalis offers  research and  commercial licenses  for its  EB66^® cell  line, 
derived from duck  embryonic stem cells,  to pharmaceutical and  biotechnology 
companies for the production of  therapeutic and prophylactic viral  vaccines, 
virosomes,  VLPs  and  recombinant  proteins,  with  a  focus  on   monoclonal 
antibodies having  enhanced  cytotoxic  activity. Clinical  trials  of  EB66^® 
produced vaccines are currently on-going in  the USA and Japan. Through  these 
programs, Vivalis  receives  an  upfront  payment,  clinical  stage  milestone 
payments along with royalties on licensees' net sales.

a.VIVA|Screen(TM) Human Antibody Discovery Platform

Customized solutions for  the discovery, development  and production of  rare, 
fully human  monoclonal  antibodies  are offered  by  Vivalis.  Through  these 
programs, Vivalis receives payments associated  with the funding of  discovery 
phase, an  upfront  payment,  clinical stage  milestone  payments  along  with 
royalties on net sales of licensed antibodies that are commercially  developed 
and sold by our clients.

Based in Nantes and Lyon (France)  and in Toyama (Japan), Vivalis was  founded 
in 1999  by the  Grimaud Group  (ca. 1,700  employees), one  of the  worldwide 
leaders in  animal genetic  selection. Vivalis  has established  more than  30 
partnerships and licenses with world leaders in this sector, including  Sanofi 
Pasteur,  GlaxoSmithKline,  Transgene,   Pfizer  Animal  Health,   Kaketsuken, 
Kitasato  Daiichi  Sankyo  Vaccine,  Merial,  Merck  Animal  Health  and  SAFC 
Biosciences. Vivalis is a member of the French ATLANTIC BIOTHERAPIES and  LYON 
BIOPOLE bio-clusters and a member of the Japanese HOKURIKU INNOVATION  CLUSTER 
FOR HEALTH SCIENCE in Toyama.

VIVALIS                                                                    
Listed on Euronext Paris - Compartment B of NYSE Euronext
Reuters: VLS.PA - Bloomberg: VLS FP
Included in NYSE Euronext's SBF 250, CAC Small 90 and Next Biotech indexes

This document contains forward-looking statements and comments on the
company's objectives and strategies. No guarantee can be given to any of the
events anticipated by the forward-looking statements contained in this
document, which are subject to inherent risks, including risk factors
described in the company's Document E, changes in economic conditions, the
financial markets or the markets in which the company operates.

Contacts

VIVALIS

NewCap
Franck Grimaud, CEO

Financial communications agency
Email: investors@vivalis.com
  Axelle
Vuillermet / Pierre Laurent


Tel.: +33 (0) 1 44 71 94 91


Email: vivalis@newcap.fr

20130211 PR EN

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