The Franco-Austrian pharmaceutical group Valneva has indicated that it has received from the European Commission “Notice of intent to terminate the supply agreementof its vaccine against Covid-19, an announcement that led to a more than 20% drop in action on the Paris Stock Exchange. The contract signed between the European Commission and the group gave the Commission the right to terminate it. If developed by Valneva The vaccine, called VLA2001, did not receive marketing authorization from the European Medicines Agency (EMA) until April 30, 2022, Valneva recalls.

30 days for marketing authorization

,Under the terms of the contract, Valneva has 30 days from May 13, 2022 to obtain marketing authorization or propose a plan to remedy the situation in an acceptable manner.“, specifies Valneva. Group “The agreement will work with the participating European Commission and Member States to agree on such a plan and make VLA2001 available to Member States wishing to receive the vaccine.“, he added. The group’s announcement caused a new drop in the headline on the Paris Stock Exchange: it fell by 20.17% to 9.52 euros around 09:25. Since January 1, it has fallen by more than 60% .

In late April, Valneva had received a new list of questions from the EMA. In a Monday 16 May press release, the group’s managing director, Thomas Lingelbach, said that they have “Answered these questions on May 2” And “believes that its presentation provides adequate answers to the remaining questions“. IF EMA”accept these answers“Valneva”May receive positive feedback after June 2022,

,If the Commission eventually terminates the contract at the end of the ongoing process, Valneva will not be required to refund the installments received“Because Group”The entire amount of such installments is spent or committed and in such case the contract does not require reimbursement of such payments.“Adds the general manager.”After discussions with the Commission and the member states concerned, Valneva will reconsider its financial forecasts for fiscal year 2022.“, is it still written.

Complete the equipment to fight COVID-19

As Thomas Lingelbach described “regrettable“Decision of the European Commission”,In particular we continue to receive messages from Europeans looking for more traditional vaccine solutions,Valneva believes that its vaccine candidate VLA2001 can still make a significant contribution to the fight against COVID-19 and complement existing vaccines.“, he adds.

Vallneva’s vaccine is based on an inactivated virus. Compared to anti-Covid vaccines authorized in the EU, it is a more traditional technology than Pfizer/BioNtech or Moderna vaccines, which contain messenger RNA, and to a lesser extent than AstraZeneca and Johnson & Johnson with viral vector . or Novavax, with recombinant proteins. Valneva’s vaccine received conditional marketing authorization in the United Kingdom in April 2022 and authorization for emergency use of the vaccine from the UAE Ministry of Health on 13 May and from the Kingdom of Bahrain on 28 February, recalls the group.