Valneva said the European Commission had informed the company of its intent to terminate an advance purchase agreement for itsValneva’s share price was down 20.2 per cent at €9.51, a one-year low in afternoon trading.
“The EC decision is regrettable especially as we continue to receive messages from Europeans who are looking for a more traditional vaccine solution,” chief executiveValneva’s vaccine relies on technology that has been used for decades, including in some shots against polio, influenza and hepatitis. Valneva signed a deal with the European Commission last November to supply up to 60 million doses of vaccine over two years, including 24.3 million doses in 2022.
The agreement gave the European Commission the right to cancel the deal if the vaccine was not cleared for use by theIt has not yet been given the green light by the agency. Last month, the agency sought additional information on the vaccine for the second time. On Monday, Valneva said it had responded to the latest request in early May.
Based on the terms of the agreement, Valneva has 30 days from May 13th to win marketing authorisation or propose an acceptable remediation plan, the company said. – Reuters