PARIS, Nov. 10 (Reuters) – The share price of French vaccine company Valneva (VLS.PA) jumped more than 20% on Wednesday after it received European Commission approval for a deal involving up to 60 million doses of its COVID -19 would deliver vaccine candidate in two years.
The eighth such deal by the European Union’s executive body in the fight against rising infections is a welcome boost for Valneva as it negotiates what has been a bumpy road for its COVID-19 vaccine. read more
“The Valneva vaccine will add another option to our broad portfolio once it has been proven safe and effective by the European Medicines Agency (EMA),” said EU Health Commissioner Stella Kyriakides. “The message remains the same: Trust the science and vaccinate, vaccinate, vaccinate.”
Delivery of the inactivated VLA2001 vaccine is expected to begin in April 2022, subject to EMA approval, Valneva said.
The company hopes its candidate, which uses more traditional technology than the mRNA vaccines, could provide a more reassuring option for Europeans who are still hesitant to get vaccinated.
Valneva said last month that it showed efficacy “at least as good, if not better” than the injection of AstraZeneca (AZN.L) in a late-stage study comparing the two, with significantly fewer adverse side effects. read more
The European Commission said the contract with Valneva will allow EU member states to buy nearly 27 million doses by 2022.
Member States can then place an order for up to 33 million additional vaccines by 2023.
The deal includes the ability to adapt the vaccine to new variant strains.
“We are grateful to the European Commission for its support and are eager to help tackle the ongoing pandemic,” Valneva chief executive Thomas Lingelbach said in a statement.
The deal will come as a relief to Valneva after the European Commission said in April that the conditions for a deal had not been met. Then, in September, Britain canceled a contract for about 100 million doses of the vaccine over concerns it might not get approval. read more
While Valneva shares have taken several hits along the way, they are up 175% since the start of the year.
Reporting by Sudip Kar-Gupta, Ingrid Melander, Pushkala Aripaka and Anait Miridzhanian Writing by Ingrid Melander Editing by Louise Heavens and David Goodman
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