Valneva's VLS.PACOVID-19 vaccine was approved by the European Pharmaceutical Agency (EMA) on Thursday, but is a dose between a French company and the European Commission. The supply contract is hung. In balance.
Valneva is trying to save the deal with the European Commission after the vaccine program has been delayed in marketing applications due to a request for more information from the EMA.
The initial transaction was up to 60 million doses. However, due to delays in applications and the already oversupply of European countries, the European Commission has signaled that it wants to amend the agreement with much lower doses, Varneva said earlier this month.
However, according to Valneva CEO Thomas Lingelbach, if these amounts are confirmed, they are not enough to sustain the company's vaccine program.
A Valneva spokesperson said on Wednesday that the contract was still under discussion by the Commission and its member states.
The Valneva vaccine is the sixth vaccine recommended by EMA for COVID-19. The final decision on vaccine approval is expected shortly by the Commission.
Valneva's listed shares in Paris surged about 22% on Thursday.
The United Kingdom, which has been approved in Bahrain and the United Arab Emirates, canceled the Varneva Vaccine Agreement in 2021.
Valneva vaccines use techniques that have been used for decades for injections against polio, flu and hepatitis. The company is confident that it will beat those who reject COVID vaccines using mRNA and other new technologies.
However, the demand for new crops of COVID vaccine remains uncertain. The US-based Novavax NVAX.O Shot uses traditional techniques like Valneva, but has limited penetration in Europe and is about 12.6 million shots distributed in the region. 220,000 doses have been administered. Some vaccine manufacturers, such as
AstraZenecaAZN.L and Johnson&Johnson JNJ.N, have warned of global COVID vaccine overdose.
