The stock price of the French Covid-19 vaccine maker Valneva has been knocked down by 20% as the company faces losing a supply contract with the European Commission.
Despite receiving a glowing marketing authorization from the UK’s drug regulator in April this year, Valneva is struggling to gain traction with its Covid-19 vaccine in the EU. Just days after Valneva’s win in the UK last month, the EMA declined to recommend the approval of the vaccine until undisclosed questions were addressed surrounding the application.
This week, Valneva faces further pressure from the European Commission (EC). The two partners had inked a supply contract for almost 27 million doses of the Covid-19 vaccine in late 2021, and the EC had the right to cancel the deal if Valneva’s vaccine hadn’t been greenlit by the end of April. According to a public statement, the firm will lose the EC supply contract unless either the vaccine gains EU approval, or Valneva proposes an “acceptable remediation plan,” by mid-June.
The post Valneva’s Covid-19 Vaccine Contract in Dire Straits as EU Approval Lags appeared first on Labiotech.eu.
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