Exhibit 5.1
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 | | mwe.com Bertrand Delafaye bdelafaye@mwe.com +33 1 81 69 15 02 |
May 2, 2022
DBV Technologies SA
177-181 Avenue Pierre Brossolette
92120 Montrouge France
Re: $100,000,000 of American Depositary Shares to be Offered Pursuant to the Sales Agreement
Ladies and Gentlemen,
We have acted as special French counsel for DBV Technologies S.A. ( the “Company”), a French société anonyme, in connection with the issuance and sale by the Company of up to $100,000,000 aggregate offering price of ordinary shares, with a nominal value of €0.10, of the Company (the “Underlying Shares”), which Underlying Shares shall be delivered in the form of American Depositary Shares (“ADS”), each ADS representing one-half of one Ordinary Share. The Underlying Shares will be issued and sold pursuant to the sales agreement (the “Sales Agreement”) with Jefferies LLC (the “Sales Agent”) dated May 2, 2022. The Underlying Shares may be offered and sold from time to time pursuant to Rule 415 under the Securities Act of 1933 (the “Act”) in accordance with the terms of the Sales Agreement. The ADSs will be issued pursuant to a deposit Agreement (the “Deposit Agreement”) dated October 24, 2014, by and among the Company, Citibank, N.A., as depositary (the “Depositary”), and all holders and beneficial owners from time to time of ADSs issued thereunder.
In connection with the opinion expressed herein, we have examined such documents, records and matters of law as we have deemed relevant or necessary for purposes of such opinion. Based upon the foregoing, and subject to the further assumptions, qualifications and limitations set forth herein, we are of the opinion that the Underlying Shares, when issued and delivered pursuant to the terms of the Sales Agreement against full payment of their subscription price as provided in the Sales Agreement and after issuance of the depositary certificate (certificat du dépositaire), will be validly issued, fully paid and non-assessable.
In rendering the opinion above, we have assumed that (i) the shareholders’ resolutions authorizing the Company to issue the Underlying Shares pursuant to the Sales Agreement will be in full force and effect at all times at which the Underlying Shares are issued and delivered or sold by the Company, and the Company will take no action inconsistent with such resolutions, and (ii) the timing of, the terms of, and the consideration for each issuance of Underlying Shares by the Company under the Sales Agreement will be decided by the Board of Directors of the Company, or by the Chief Executive Officer of the Company pursuant to a delegation of authority of the Board of Directors, in each case in accordance with such shareholders’ resolutions.
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